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Custodial Account |
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Custodial Account 1. An account created at a bank, brokerage firm or mutual fund company that is managed by an adult for a minor that is under the age of 18 to 21 (depending on state legislation).
2. A retirement account managed for eligible employees by a custodian. Notes: 1. In a custodial account, approval from the custodian is required in order for a minor to transact securities. The custodian of these types of accounts is usually a parent or guardian of the minor.
2. The investments managed within a custodial account are limited to mutual funds, and other similar products offered by regulated investment companies. |
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? Mentioned in | ? References in periodicals archive | ||
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| Almost $6,000 has been raised so far, and a custodial account -- No. While parents will have to open a custodial account for children under 18, the process of doing it together exposes young people to investing. 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. |
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Custodial Account
