Which of the following statements correctly identify(ies) significant differences between UGMA and UTMA?
I UGMA places no restrictions on types of property that may be transferred, whereas UTMA does place restrictions.
II UGMA permits both lifetime and testamentary transfers, but UTMA permits only testamentary transfers.
A. I only
B. II only
C. Both I and II
D. Neither I nor II
Provide a detailed explanation. This is estate planning.