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Uniform Gifts to Minors Act (UGMA) and Uniform Transfers to Minors Act (UTMA). State laws that allow a donor to gift or transfer property to a minor child without having to establish a trust. The gift or transfer of property is irrevocable and a custodian oversees the custodial property until the minor reaches the age of majority under the UGMA or UTMA law of the applicable state. Income earned is taxable to the child. For 2011 each donor can contribute up to $13,000 a year ($26,000 for a married couple filing jointly) per child without incurring any gift tax liability.

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