Glossary
U
- UGMA
The Uniform Gift to Minors Act (UGMA) allows assets to be held by a custodian for the benefit of a minor. When the minor reaches the age of majority (typically 18 or 21), control shifts to the beneficiary.
- UTMA
The Uniform Transfers to Minors Act (UTMA) is a custodial account similar to a UGMA, but it also allows the custodian to hold other types of property, such as real estate, fine art, patents and royalties, and for the transfers to occur through inheritance.
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For more information about The Education Plan, call 1.877.337.5268 or view the Plan Description and Participation Agreement, which includes investment objectives, risks, charges, expenses, and other important information; read and consider it carefully before investing.
Please Note: Before you invest, consider whether your or the beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in that state’s qualified tuition program. You also should consult a financial, tax, or other advisor to learn more about how state-based benefits (or any limitations) would apply to your specific circumstances. You also may wish to contact directly your home state’s 529 plan(s), or any other 529 plan, to learn more about those plan’s features, benefits and limitations. Keep in mind that state-based benefits should be one of many appropriately weighted factors to be considered when making an investment decision.
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