Permalink Submitted by Al Fry on Mon, 2007-11-26 04:00
From a practical standpoint, they are the same. IRS Pub. 590 uses the terms interchangeably. They also use the term “sponsor” to indicate either. A custodial account is similar to a brokerage account. Many brokerage firms hold IRAs in a trust account.
Permalink Submitted by Al Fry on Mon, 2007-11-26 04:00
From a practical standpoint, they are the same. IRS Pub. 590 uses the terms interchangeably. They also use the term “sponsor” to indicate either. A custodial account is similar to a brokerage account. Many brokerage firms hold IRAs in a trust account.
Permalink Submitted by Chris Hodges on Mon, 2007-11-26 15:47
Thanks Alfry, so if I said “Custodian to custodian transfer”, that would be correct too?
Permalink Submitted by Al Fry on Mon, 2007-11-26 19:10
I should be, however the IRS ises “trustee-to-trustee”.