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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.
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.
IRS Circular 230 Disclosure: American Century Companies, Inc. and its affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax matters contained herein (including any attachments) is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone unaffiliated with American Century Companies, Inc. of any of the matters addressed herein or for the purpose of avoiding U.S. tax-related penalties.
This information is for educational purposes only and not intended as tax advice. Please consult your tax advisor for more detailed information or for advice regarding your individual situation.