Uniform Gifts To Minors Act
Definition of "Uniform gifts to minors act"
Act in which an irrevocable gift is made by the parent to the child. For children less than age 14, the first $600 of annual investment earnings is tax free and the next $600 is taxed at the child's 15% tax rate. If the child is at least age 14, all income is taxed at the child's rate. Once the child reaches the age of majority, which in most states is 18 or 21, the child can use the money in that account as desired.
Popular Insurance Terms
Income averaged over a specified period of years. For example, to calculate benefits in a pension plan, it is common to average the highest three years or five years of earnings. ...
Portion of the federal tax code outlining the procedure by which a corporation cancels or redeems its shares with funds paid out of earnings or profits, thus making the distribution a ...
Document used to sign up employees for plans such as salary savings, life insurance, or other employee benefits. ...
In insurance, independent advisor who specializes in pension and profit sharing plans. Usually a licensed insurance agent. ...
Insurance policies covering various business risks. ...
LIFE INSURANCE: specification by each state regarding the minimum assumptions that must be used in reserve calculations as theypertain to the maximum interest rate that can be assumed; ...
Variation of group life insurance that covers a small group of persons who work for the same employer. With group life insurance, the employer owns the policy; with wholesale insurance, ...
A contract sold by insurance companies that is bought by means of a single lump sum payment usually providing a monthly income payment for the annuitant's life. The amount of the monthly ...
Central (main) office of an insurance company whose facilities usually include actuarial, claims, investment, legal, underwriting, agency, and marketing departments. ...
Have a question or comment?
We're here to help.