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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Additionally, it is not uncommon for large 403(b) plans to offer group annuity contracts issued by several insurance companies, or custodial accounts with multiple custodians.
In addition, you should remind clients that assets transferred to a custodial account (including a custodial 529 account) eventually will be controlled by the youngster when he or she comes of age.
Halpern acknowledged Holmes' reading of the regulation for other types of custodial accounts, but wrote that because of an IRA'S special tax treatment, regarding it in such a fashion "utterly subverts the rationale for the attribution rule in the regulation.
1 the launch of the Profile Retirement Program, a custodial account of low-cost, no-load mutual funds, to meet the demand from plan sponsors for outsourced administrative services and the continued availability of a low-cost, direct-model investment platform, said Bruce Corcoran, senior vice president of K-12 national markets.
Depending on their size, custodial accounts may have income tax implications.
Almost $6,000 has been raised so far, and a custodial account -- No.
She recommended the suspension following questions regarding a bank custodial account.
So if the donee dies, assets in the custodial account will be includable in the donee's estate.
If you are already saving in a custodial account or a Coverdell Education Savings Account, you may want to explore the tax consequences, if any, of transferring these investments to a Section 529 College Savings Plan.
The advent of potentially tax-free savings accounts like section 529 plans and Converdells might make the custodial account obsolete.
In setting up a Custodial Medical Trust, a portion of the settlement funds is placed either directly into a Custodial Account or settlement annuity funds are directed into the Custodial Account after an initial cash deposit to open the account.
A custodial account, set up under your state's Uniform Gift to Minor's Act, allows you to tuck away money in your child's name.
Grudis, who must hold and trade stocks through a custodial account in his mother Carol's name, is not just bragging but speaking to a national trend among teens.
Fund shares will be deposited into a new custodial account.
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.