By Marc Shaffer
A UTMA could be a beneficial choice for your family if you have children or grandchildren. Often, adults open these accounts for minors for future education needs, but they are not strictly for education funding purposes. I have friends who have used their UTMA accounts for a down payment on a home, to fund an overseas adoption, and to open a business. Not only did they provide them with funds, but they were also a learning opportunity. Most of these friends had to manage their accounts from the time they were no longer a minor to the time the funds were used. The account became their responsibility to oversee and manage for their future.