0
A custodial account is an account set up by an adult to benefit a minor.
Wiki User
∙ 9y ago
Add your answer:
Earn +20 pts
How can a minor trade stocks?
Through a custodial account. An adult can setup a account and add you as a custodial. The custodial makes the trades through your accounts, but the money remains separate from both accounts.
What are the benefits of having a custodial account?
There are several benefits of having a custodial account. One advantage is having a fund set up for your children. Also, custodial accounts are tax free as long as they are under 12,000 dollars.
When can a minor claim their custodial account in Virginia?
Age 18
What is a children's bank account?
A children's bank account is usually a custodial savings account. This type of savings account allows parents to save money for their children's futures.
Can minor operate trading account?
You must be 18 to establish a trading account. If you are under 18 you can have an account assigned to your social security number but it must be a custodial account and a custodian will control the account until you are 18 years of age.
When can a minor claim a custodial account in Michigan?
18 is the age of majority in the state of Michigan for Custodial accounts. In order to receive the funds the minor & the custodian must submit a form to the company where the funds are held.
What does Vautma stand for?
It is the term used for a Custodial Account - the kind of account that most parents would get as a "money market" savings account for their child. I'm not sure what the letters actually stand for, but that's what it means.
Who is the IRA plan trustee?
IRA brokerage account don't have trustee. They do have a custodial which would be the brokerage at which the IRA is held at.
Can the child support enforcement take back child support out of a custodial savings account?
Yes, all assets are attachable
What is the difference between opening a trust account for a minor and a custodial account?
A tust is a fiduciary relationship in which one party, known as a trustor, gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary. A trust can be setup for a trustee of any age, and that age can be specified by the trustor. A custodial account is managed by an adult for a client who is considered a minor age 18-21 years old. Once the client reaches the legal age of their state of residence the account is taken over by the named account holder.
What is the current interest rate on a standard saving account at Bank of America?
The current interest rate for a regular savings account at Bank of America is 0.05. This rate applies to custodial savings for youth accounts as well.
Can you just have a custody order in place and no child support order?
Yes, as they are separate issues. However, a custodial parent can request a child support order at any time. Also, some jurisdictions do not allow parents to decide that the non-custodial parent will not pay child support. The view is that every child is entitled to be supported by both parents. If the custodial parent doesn't need it then the payments should be placed in a savings account to pay for college. Also, if the custodial parent and child are receiving any assistance then the non-custodial parent will be required make payments to the state.
