trusts, inheritances & estates

Egelhoff v. Egelhoff (2001)

U.S. Supreme Court decision in which the Court ruled that a woman who was named as the beneficiary of her former husband's 401(k) plan was entitled to inherit the money in the plan, even though state law said that the divorce had automatically revoked her right to inherit. Because a 401(k) plan is ruled by federal law (ERISA), it overruled the state law.

Uniform Gifts to Minors Act (UGMA)

A uniform law, adopted by many states, that allows an adult to give money or securities to a child but have the assets managed by someone of the donor's choosing, called a custodian. The gift is made during the donor's lifetime, not at death. The custodianship ends, and the property goes to the beneficiary outright, at an age set by state law, usually 18 or 21. Compare: Uniform Transfers to Minors Act

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