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Many of those exchanges in recent years went from higher, cost annuity contracts into mutual-fund custodial accounts, or 403(b)(7)s, Baum said.
I converted my daughters' custodial accounts to 529 plans and contribute monthly to non-custodial 529's because I maintain ownership and get tremendous tax advantages.
Question--May there be one custodial account for two or more minors?
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.
State and local governments that do not currently use trust, annuity contracts, or custodial accounts will need to establish one or more of these investment vehicles.
Many funds reduce their minimum initial investment for a custodial account @one in which you control the money for the child).
Requirement that custodial bank confirm in writing receipt, substitution and release of securities to and from custodial account.
Following a mortgage refinancing, however, the servicer will hold the unpaid principal balance of the extinguished mortgage loan--an amount perhaps 10 to 100 (or more) times as large as the homeowner's regular monthly principal payment--in a custodial account for a much longer period, often two to six weeks.
In a properly structured custodial account, your assets will be protected from fraud, embezzlement and theft.
The exemptions are not available if a participant-directed 403(b)(7) custodial account invests in a group trust.
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.