SIE practice questioneasyAccount Types: Custodial Accounts
A custodial account under the Uniform Gifts to Minors Act is typically opened for the benefit of:
- AA retirement plan participant
- BA corporation
- CA minor✓ Correct answer
- DA trust beneficiary
Explanation
Why C — A minor
UGMA/UTMA accounts are custodial accounts opened for minors. Corporations, retirement plan participants, and trust beneficiaries have different account structures.
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