custodial account

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  • noun

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a brokerage firm account that parents have created for a minor

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Taproot claimed that because the Roth IRA was a custodial account, it was a qualified trust for purposes of being an S corporation shareholder.
Congress also created custodial accounts in 403(b) plans which allowed employees to set up retirement plans with mutual fund companies under Section 403(b)(7).
Depending on their size, custodial accounts may have income tax implications.
Following its early-2001 acquisition of a former Chase division that handles securities processing and custodial accounts, Boston-based Investors Bank needed to expand its New York operations and to house the new employees, located, conveniently, only one block away from 33 Maiden Lane.
It is technically illegal for minors to trade securities; that's why teens must open custodial accounts, which are set up in the minor's name but require parental approval for any transaction.
State and local governments that currently use trusts, annuity contracts, or custodial accounts to hold participant contributions will need to make sure that the annuity contract or custodial account is properly amended to include language stating that the assets are for the exclusive benefit of plan participants.
They've also lowered the minimum amount required to open custodial accounts.
In addition, 501(c)(3) organizations, but no other category of exempt organizations, were (and still are) permitted to maintain 403(b) programs whereby employees are permitted to defer salary into 403(b) annuities or custodial accounts.
In general, these rules require that mortgage servicers hold unscheduled principal payments in special custodial accounts during the interval between receipt from homeowners and disbursement to MBS investors.
In July, Freddie Mac announced new revisions to its rating requirements for determining the eligibility of depositories to hold custodial accounts.
Custodial accounts offer minor tax advantages and have no restrictions on how the money can be spent, as long as it's for the benefit of the child.
This bonus offer is available for Individual, Joint and Custodial accounts only.
Reporting is now required for those who hold interests valued at more than $50,000 in the aggregate in: (i) depository or custodial accounts maintained by a non-US-financial institution; (ii) non-US stock, interests in non-US entities, and financial instruments or contracts with a non-US counterpart not held within a custodial account of a financial institution.
PLANS NOT PROTECTED FROM CREDITORS are those that cover only the business owner and/or the owner's spouse and section 403(b) tax-sheltered annuity plans whose assets are held in custodial accounts rather than in trusts.
If you use custodial accounts and place the money in the child's name, you'll enjoy some tax savings," he says.