Understand custodial accounts and what custodial account rules are. Learn about types of custodial accounts. See advantages and disadvantages of a...
Each state has different rules for determining when the child must take control of the account. Financial aid may be impacted— Financial aid can be adversely affected by custodial accounts. They are considered assets owned by the child. Is a custodial account right for me? When choosing an ...
Generally up to age of termination (18 – 21) depending on state rules Maximum yearly contribution per minor No limit. Donor can gift up to $17,000 ($34,000 for married couples who file jointly) without incurring gift-tax implications. Minimum initial investment Varies by account Taxation ...
UGMAAll statesUnlimited, but contributions above $17,000 (in 2023), $18,000 (in 2024) per contributor may trigger thegift taxCash, securities and other financial assetsOnce the minor reaches the age of majority (which differs per state), the account becomes theirs ...
Words related to custodial account nouna brokerage firm account that parents have created for a minor Related Words cash account Based on WordNet 3.0, Farlex clipart collection. © 2003-2012 Princeton University, Farlex Inc. Want to thank TFD for its existence?Tell a friend about us, add a...
Although anyone may contribute to a custodial account, control of the account is managed by the custodian. Once the minor beneficiary reaches the age of majority (as determined by the state), the custodian can transfer the funds in the account over the funds to the minor. ...
Related to custodial:custodial account,custodial care,Custodial sentence,Custodial Parent cus·to·di·al (kŭ-stō′dē-əl) adj. 1.Of or relating to the work of guarding or maintaining:the custodial duties of a security guard. 2. ...
envoy-proxy, used as a gRPC gateway for live access to the oasis-node, to fetch live balance, information about the current state of the network, and to submit transactions. oasis-nexus, is the official indexer for the Oasis Network, providing the backend for the Oasis Explorer and ROSE Wa...
On September 17, the Federal Deposit Insurance Corporation (FDIC) Board of Directors issued a notice of proposed rulemaking (NPR) that would create additional obligations for insured depository institutions (IDIs) in connection with certain custodial accounts established by acco...
mutualfund company, or brokerage firm managed by one person for the benefit of another. Generally, an adult controls a custodial account for a minor (a person under the age of 18 or 21 years, depending on the laws of the state of residence). Approval from thecustodian...