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A custodial Roth IRA is an individual retirement account designed for minors. The account belongs to the minor, but an adult opens and manages the account until they reach a specific age.
A custodial account is a financial account (such as a bank account, a trust fund or a brokerage account) set up for the benefit of a beneficiary, and administered by a responsible person, known as a legal guardian or custodian, who has a fiduciary obligation to the beneficiary. [1]
The California Department of Motor Vehicles (DMV) is the state agency that registers motor vehicles and boats and issues driver licenses in the U.S. state of California. It regulates new car dealers (through the New Motor Vehicle Board), commercial cargo carriers, private driving schools, and private traffic schools.
Here’s how custodial accounts work.
For example, the California exemption statute provides that IRAs and self-employed plans' assets "are exempt only to the extent necessary to provide for the support of the judgment debtor when the judgment debtor retires and for the support of the spouse and dependents of the judgment debtor, taking into account all resources that are likely to ...
Traditional IRA. With a traditional IRA, a custodian is required to oversee the assets. ... As with traditional IRAs, Roth IRA account holders aged 50 and older can contribute an additional $1,000 ...