A beneficial owner is a person who enjoys the benefits of ownership, even though the title is in another name.
A custodian refers to a bank or financial institution responsible for safeguarding the assets of a mutual fund, individual, or corporation. It also describes a person who manages the care of a facility or building.
A Self-Directed IRA is an Individual Retirement Account that allows the account holder to actively manage and make investment decisions, distinguishing it from standard IRAs managed by institutions.
The Uniform Gifts to Minors Act (UGMA) is a legislative framework adopted by most U.S. states to govern the distribution and administration of assets gifted to minors. It allows minors to own assets without requiring the services of an attorney to establish a special trust.
