UGMA is the Uniform Gift to Minors Act, and UTMA is the Uniform Transfers to Minors Act. Yes, these were acts of Congress, and good ones, too. Should a twelve-year-old girl be allowed to manage her own money? For most twelve-year-olds, the answer is usually "nfw." There are too many unscrupulous adults out there trying to bilk Annie out of her Bat-Mitzvah gelt. Also, there is this sense that minors don't have the ability to be responsible for things like managing money.
In both cases...
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