Home » Dictionary » Cancun account

Cancun account

Cancun account
 n.— «KissTrust provides grantors with a measure of control that is not offered by Uniform Gifts to Minors Act (UGMA) accounts and Uniform Transfers to Minors Act (UTMA) accounts. “In the industry, UGMAs and UTMAs are jokingly referred to as Cancun accounts, because as soon as little Jonny [or] little Mary reaches the age of majority…the assets fly out the door,” Armand said. “In fact, 95 percent of the assets in UGMAs and UTMAs are completely gone by [the time the account holder reaches] the age of 25.”» —“KissTrust: Giving the Gift of Savings” by Melana Yanos NuWire June 13, 2008. (source: Double-Tongued Dictionary)

Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Further reading

The Black Dog (episode #1536)

Books were rare treasures in the Middle Ages, painstakingly copied out by hand. So how to protect them from theft? Scribes sometimes added a curse to the first page of those books that was supposed to keep thieves away — and some were as vicious as...

One-Armed Paper Hanger (episode #1518)

The emotional appeal of handwriting and the emotional reveal of animal phrases. Should children be taught cursive writing in school, or is their time better spent studying other things? A handwritten note and a typed one may use the very same words...

Recent posts