UGMA-UTMA Account: The Benefits of One | Vanguard
https://investor.vanguard.com/accounts-plans/ugma-utma
WebKey benefits of an UGMA/UTMA. There are no limits on the dollar amount of gifts or transfers that can be made to an UGMA or UTMA, but amounts above $17,000 per year ($34,000 for a married couple filing jointly) will incur federal gift tax. Unlike college savings plans, there is no penalty if account assets aren't used to pay for college.
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