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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But bear in mind that though the mechanics of setting up the account are simple, serious legal and tax consequences result once a parent funds a custodial account. For example, the account is irrevocable.
* Identify two or three financial institutions that offer HSA custodial accounts, with at least one of them being local.
Education Savings Accounts, 529 State-Sponsored Savings/Prepaid Tuition Plans, and UGMA/UTMA custodial accounts are important tools to provide for a child's education, with taxpayer benefits.
No money is involved in the game, and all trading is imaginary, Haggarty said, but many youths take their experience to their parents and open custodial accounts to play the markets for real afterward.
SECTION 223 of the Internal Revenue Code (IRC) defines a health savings account (HSA) as a trust or custodial account established exclusively to pay qualified medical expenses of an account beneficiary covered by a high-deductible health plan (HDHP).
introduced the ING Global Perspectives Fund within its Variable Universal Life (VUL) insurance and ING Select Advantage IRA ("Select Advantage") mutual fund custodial account products.
Taproot claimed that because the Roth IRA was a custodial account, it was a qualified trust for purposes of being an S corporation shareholder.
However, such a trust must provide for a mandatory distribution of income to the beneficiary, at least annually, or more frequently (but could be deposited to a custodial account).
A funded plan is one in which the company sets aside funds (in a nonqualified trust, custodial account or escrow arrangement) to make future deferred-compensation payments.
Custodial account balances have allowed a mutually beneficial relationship for those companies and their warehouse banks, with the banks acting also as depositories for the custodial accounts.
There can be only one beneficiary per custodial account, and therefore separate accounts must be established for multiple beneficiaries.
Unlike employer-held amounts in FSAs, HRAs, and MSAs, the new HSAs must be set up as a taxexempt trust or custodial account. The IRS released model documents that trustees may use as trust or custodial agreements (Health Savings Trust Account, Form 5305-B, and Health Savings Custodial Account, Form 5305-C).
The Sixth Circuit said that only assets of an ERISA plan held in a trust would be excluded from the bankruptcy estate and that assets in a custodial account could not be excluded.
An HSA is a tax-exempt trust or custodial account established exclusively to pay qualified medical expenses of the account beneficiary who, for the months for which contributions are made to an HSA, is covered under a high-deductible health plan that satisfies certain requirements as to deductibles and out-of-pocket expenses.