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I don't know about UMA, that is an unfamiliar term to me; there is no such penalty with an UGMA. Here's a good article about the UGMA:

http://www.investopedia.com/terms/u/ugma.asp

Okay, my...

I went with UGMA's for my grandchildren. The money will be theirs, no strings attached, when they reach legal majority, which is different by state--one gets hers at 18, one at 21.

The downside...