Facebook Account, Amazon Prime, Etc - Your Digital Assets Matter

Do you have a plan that effectively organizes and manages your digital assets? If not, don't feel bad. You're not alone. However, it's vitally important. Why? Because the average internet user has nearly $40,000 in unprotected digital assets. To learn more, check out this blog:

http://insightlaw.net/bobbys-blog/dealing-with-digital-assets-a-growing-need

Important Info About UGMA/UTMA Accounts

What's an UGMA/UTMA account? Well, UGMA stands for the "Uniform Gifts to Minors Act" (or Uniform Transfers to Minors Act, in some states). The difference between UGMA and UTMA is that an UTMA allows almost any kind of asset to be transferred to a minor. An UGMA law limits gifts/transfers to the following: bank deposits, securities (including mutual funds), and insurance policies.

UGMA/UTMA allows a minor to own securities in an account without having to establish a special trust. The assets become available to the minor when they reach the age of majority. The age of majority is usually 18 years of age (it’s 18 in Virginia, Maryland, and the District of Columbia). Though, it varies in other states (for example, it’s 19 in Delaware and Alabama).

To learn more, check out the full-length article here:

http://insightlaw.net/bobbys-blog/ugmautma-accounts-pros-and-cons