The old standby is a custodial account under the Uniform Gifts to Minors Act.

Many institutions accept the accounts only if they are established under the Uniform Gifts to Minors Act or the Uniform Transfer to Minors Act.

In the majority of states that have adopted the Uniform Transfers To Minors Act (UTMA), the assets are treated similarly.

Among other options that Mr. Finegold suggests are certificates of deposit and opening a gift bank account under the Uniform Gifts to Minors Act.

About a third of the boys' stock funds are in accounts set up under the Uniform Gifts to Minors Act.

The primary reason is that the donor can maintain control under the trust instrument longer than could be done under the Uniform Gift to Minors Act.

It is an extension of the Uniform Gifts to Minors Act (UGMA).

Q. How can grandparents setting up Uniform Gift to Minors Act accounts for their grandchildren's education make sure the money won't be squandered by divorcing parents?

(Some states have adopted a broader law, called the Uniform Transfers to Minors Act.)

There are limits on the type of property that can be transferred under the Uniform Gifts to Minors Act.