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Written by Hodlify -- Paper Wallets and Cryptocurrency Cold Storage authority.

What are UTMA and UGMA accounts?

March 26, 2022

UGMA is the Uniform Gifts to Minors Act. It allows individuals (parents or legal guardians) to give or transfer assets to underage children; tax-free (up to a certain amount). Parents manage UGMA accounts until children reach 18 or 21 years old (depending on the state).