UTMA Account does not grow tax deffered in nature.
UTMA refers to Uniform Transfers to Minors Act
The term UTMA refers to the law which allows any minor to receive gifts without the help of a guardian or any trustee. Gifts can include different types of items such as money, real estates, patents, royalties, and fine art.
An UTMA account allows the giver of the gift or any appointed custodian to manage the minor's account until the minor becomes of age of 18. It also protects the minor from tax consequences on the gifts, up to a specified value.
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