2 Acct Types Flashcards by Brandy S | Brainscape

Q

Indv Acct

trading authorization
limited trading authorization
full trading authorization

A

POA to enter orders

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Q

Indv Acct

trading authorization
limited trading authorization
full trading authorization

A

place buy & sell orders

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Q

Indv Acct

trading authorization
limited trading authorization
full trading authorization

A

place buy & sell orders

req cash payable to name on acct

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Q

Transfer on Death

A

transfer w/o probate

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Q

durable POA

A

med & fin decisions

power ceases on death

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Q

joint acct

orders

mail

cash/check

A

take from either

send to either

must have both names on check

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Q

joint tenants w/

rights of suvivorship

A

suvivior gets all

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Q

joint tenants in common

A

part of assets fo to estate

parties establish % they can own

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Q

common law

A

wife gets 1/2 assets if listed on acct

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Q

common property

A

wife 1/2 earnings while married

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Q

Prime Brokerage

A

high service BD

hedge funds

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Q

custodial acct

A

adult manage until child is an adult

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Q

UBGMA

A

Uniform gifts to minors act

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Q

UTMA

A

uniform transfers to minors act

Vermont & So Carolina - law not adopted

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Q

UTMA superseeds

A

UBMA

only one adult custodian & one child

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Q

UTMA/UGMA

nominal owner

beneficial owner

A

adult custodian

child

Q

UTMA/UGMA

features

A

irrevocable & indefesible

no loan, can’t take back

Q

UTMA/UGMA

tax

A

$ taken out for benefit of minor

1st 1,000 - tax exempt

2nd 2,000 - taxed @ childs income tax rate

3rd 2,000 + - taxed at higher of kid or parent