Details on UGMA/UTMA Accounts
The Uniform Gifts to Minors Act (UGMA) and Uniform Transfers to Minors Act (UTMA) allow an adult to give a gift, such as shares of a mutual fund, to a minor. There is one custodian and one minor allowed for each UGMA/UTMA account, and the custodian directs transactions for the minor.
Since UGMA/UTMA provisions vary by state, the custodian should consult a legal advisor regarding obligations. American Century Investments® does not have knowledge of the source of the contributions and assumes that the custodian is releasing the control of the account in compliance with source guidelines. American Century Investments strongly recommends consulting your financial planner or tax advisor to determine what would be best for your individual financial situation.
|Investment Choices||Select from a variety of American Century Investments mutual funds based on your risk tolerance and investment objectives.|
|Minimum Initial Investment||$2,500 per fund. Some funds may require higher minimums.|
|Additional Investment||$50 minimum on additional investments.|
|Service Fees2||American Century Investments charges a $12.50 semiannual account maintenance fee to investors whose total investments with us are less than $10,000 for each taxpayer identification number (for example, Social Security number).|
|Secure Online Account Access3||Simply create a User Name and Password and Log In to:
1State and local taxes may apply.
2Secure online account access is not available for UGMA/UTMA accounts where the minor has multiple accounts and different custodians. As a result, these accounts are not subject to the semiannual account maintenance fee.
3Online account access is not available for UGMA/UTMA accounts where the minor has multiple accounts and different custodians.
This information is for educational purposes only and is not intended as tax advice. Please consult your tax advisor for more detailed information or for advice regarding your individual situation.