How to Transfer or Sell Assets under Uniform Gift to Minors Act (UGMA)?

If you look clearly under tax code in the Uniform Gift to Minors Act (or UGMA), when you put assets or securities in a savings plan for a child (commonly it is your child or grandchild that you want to support. The account is registered on behalf of children and one adult (parent or grandparent). These adults are responsible for the investment and asset management. The securities or assets actually belongs to the child. Once the child reaches age of 18 years (in most states), he or she then takes control of assets. (more…)