St. Lawrence Seaway definition, a series of channels, locks, and canals between Montreal and the mouth of Lake Ontario, a distance of 182 miles (293 km), enabling most deep-draft vessels to travel from the Atlantic Ocean, up the St. Lawrence River, to all the Great Lakes ports: developed jointly by the U.S. and Canada. See more.
A uniform transfer to minors account, or UTMA, is a way that grandparents can put money away for their grandchildren. Sometimes called custodial accounts, UTMA accounts generally stay under the control of an adult custodian until the child reaches the age of majority.
Thus one method of dealing with the financial aid impact of a custodial bank or brokerage account is to liquidate the account and transfer the proceeds into a custodial 529 plan account. If money is transferred from an UGMA/UTMA account to a section 529 plan, the section 529 plan should be titled the same as the UGMA/UTMA account. When the child reaches the age of trust termination, the child will become the account owner for the section 529 plan. The custodian is not permitted to change the beneficiary of the section 529 plan, because the responsibility of the custodian to use the assets of the UGMA/UTMA account for the benefit of the child does not terminate when the funds are withdrawn from the account.