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)
Further reading
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