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Financial terms in "International Trade"

1. border tax adjustment

2. Countertrade

3. Customs Broker

4. Balance of trade

5. EFTA

6. anti-dumping

7. free trade zone

8. ECGD

9. clearance certificate

10. External market

11. customs entry point

12. invisible trade

13. economic sanctions

14. bilateral trade

15. OPEC

16. United Nations Conference on Trade and Development

17. debtor nation

18. Inland Revenue

19. Dumping

20. European Economic Area

21. Certificate of Origin

22. Advising bank

23. Countervailing Duty

24. EC

25. import surcharge

26. Free Port

27. counterpurchase

28. creditor nation

29. MFN

30. BOT

31. OECD

32. import quota

33. Organisation for Economic Co-operation and Development

34. common market

35. external trade

36. GATT

37. embargo

38. Trade balance

39. Export-Import Bank

40. Import Duty

41. tariff

42. Invisibles

43. Balance of payments

44. trade barrier

45. Trade Agreement

46. Quota

47. exportation

48. forfaiting

49. import penetration

50. fair trade

51. Bonded Warehouse

52. Customs Duty

53. European Community

54. EEA

55. international trade

56. offshoring

57. Export Credit Guarantee Department

58. open economy

59. Most Favored Nation

60. BOP

61. customs barrier

62. protective tariff

63. visible

64. customs seal

65. Country risk

66. European Free Trade Association

67. balance of payments surplus

68. Exports

69. anti-dumping duty

70. trade deficit

71. import

72. World Trade Organization

73. free trade

74. WTO

75. balance of payments deficit

76. UNCTAD

77. one-way trade

78. General Agreement on Tariffs and Trade

79. EEC

80. landing order

81. quota system

82. free trade area

83. Notifying Bank

84. trade surplus

85. Trade War

86. Customs Union

87. Protectionism

88. Landed Costs

Featured term of the day

Definition / Meaning of

Custodial Account

Categories: Mutual Funds, Banking, Brokerages,

If you want to make investments on a minor's behalf, or transfer property you own to that person, you can open a custodial account with a bank, brokerage firm, mutual fund company, or insurance company.You name an adult custodian for the account - either yourself or someone else - who is responsible for managing the account until the child reaches the age of majority. That age may be 18, 21, or 25 depending on the state and the type of account you choose. At majority, the child has the legal right to control the account and use the assets as he or she chooses.There may be some tax advantages in transferring assets to a minor. If the child is under 18, investment earnings above a specific level that Congress sets each year are taxed at the parents' marginal tax rate. But if the child is 18 or older, all investment earnings are taxed at the child's rate - again, typically the lowest rate. In addition, gifts you make to the account are no longer part of your estate, which may reduce vulnerability to estate taxes. However, it's wise to review your plans with your legal and tax advisers.One drawback of a custodial account is that the assets are considered the property of the child, and may reduce the amount of financial aid the child qualifies for when he or she enrolls in a college or university.

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