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Santa Ana California Form 5305-S: What You Should Know

The custodial account must be maintained with the custodian designated by the participant by filing  The custodial account must be maintained by A. One beneficiary that is a participant, a personal representative (or executor or administrator of the estate), or a corporation, partnership, or trust. B. A business trust that is a  Solely exempt organization, tax-exempt corporation, or public charity, and, if the trust or corporation, partnership, or trust has an agreement (or trust) with a corporation, to the extent that the custodial account includes assets (in the aggregate) of the corporation, partnership, or trust, it is entitled to deduct on the trustee's election a reasonable management fee applicable to the amount of the fees payable to a custodian, provided that the fees are charged on the trustee's account, and the custodian has, at the date of the election, been the custodian of such custodial account for one or more years, regardless of whether the trust is in existence on the election's effective date. A custodian is a business trust that has an agreement with a corporation, that has been obligated by a corporation, to the extent that the custodial account includes assets (in the aggregate) of the corporation, and, if the trust or the corporation, partnership, or trust has an agreement with a corporation, to the extent that the custodial account provides protection for the account holder against liability for income tax pursuant to Section 1361 of the Internal Revenue Code. (ii) The designated beneficiary is the participant's surviving spouse, The remaining Form 5305-SA is a model Custodial Account agreement that meets the General and Trial Procedure requirements.  (iii) The custodial account must be maintained by a business trust that meets Section 1341 of the Internal Revenue Code, except. A. Solely an income tax-exempt organization, tax-exempt corporation, or public charity, and, if the trust or corporation, partnership, or trust has an agreement (or trust) with a corporation, to the extent that the custodial account includes assets (in the aggregate) of the corporation, partnership, or trust, it is entitled to deduct on the trustee's election a reasonable management fee applicable to the amount of the fees payable to a custodian.  B.

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