ON MY OWN
Only one person is listed on the account registration and the account owner must be at least 18 years old.
What is an individual account?
The creator of the trust account is known as this.
What is a grantor?
Form F1BN is not used for this non-retirement account type.
What is advisory?
For guardian accounts, this person never hast legal title to the assets.
Who is the guardian/conservator?
This feature allows financial professionals to see outside investment positions in the client's account.
What is networking?
The acct belongs to his/her estate?
This person manages the assets in a trust account.
What is a trustee?
This is one of the most common NIGOs for the F1BN.
What is missing information?
This is required to open a guardianship account when the account holder is a disabled adult.
What is a court order?
According to the Direct Business Networking Rules, this must match at the sponsor firm and at LPL.
What is the registration type?
Individual accounts can be updated to ______ or ______ accounts.
What are joint tenants with rights of survivorship or joint tenants in common?
This is the most popular form of trust.
What is the irrevocable living trust?
This is one of three account features that can be added to a guardian account.
What is limited options?
A financial advisor can use this feature in Client Works to create a networking adjustment.
What is Create Online Request?
To convert an individual account to trust account, this must remain on the account.
What is the primary account holder?
The IRS does not consider the assets of this type of trust as part of the estate.
What is an irrevocable trust?
This account type allows minors to own property related to securities, mutual funds, and insurance policies.
What is the Uniform Gift to Minors Act (UGMA)
These types of plans are not eligible to be networked.
What is Employer Sponsor Plans?
The account holder is not allowed to be exempt from this.
What is tax reporting?
If the grantor of a trust passes away, the tax ID must be update to a ____ specific to the trust.
What is a TIN number?
This account type enables any adult to transfer assets/property to their children without drawing up a special trust.
This will trigger a rejection for an account networking request.
What is a zero balance at the sponsor firm?