All of the following statements concerning custodial accounts are correct, except:
Select one:
a. Under a UGMA, transfers are not limited to lifetime gifts
b. Income distributions from a § 2503(b) trust can be deposited in a UGMA or UTMA to postpone distributions until the beneficiary reaches his state’s age of majority.
c. A UTMA permits property transfers from trusts and estates
d. Under a UGMA and a UTMA the minor immediately acquires both legal and equitable title to the property.