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Form 5305-SA online Baton Rouge Louisiana: What You Should Know

These documents are used to establish residency for any individual age 62, including individuals under 62 and individuals age 65 with at least 12 months of qualified service. A custodial account is established for every individual (or spouse) who is the registered beneficiary or the named individual responsible for managing the account when all other accounts are transferred or frozen. This will establish the individual(s) as the owner(s) of the account(s) which will allow the individual(s) to earn retirement income from the fund that will allow for increased eligibility for Social Security and other benefits. It is important that you understand that although the agreement is for IRA's, any IRA account(s) will be a custodial account. A custodial account will be established for at least one year, unless stated otherwise. If the agreement is for a custodial account, and an individual requests a change to a custodial account or reopening of an account, an initial notice must be sent at least five (5) days prior to the proposed opening or reopening. If the account is not established, the account will still provide qualified retirement income, but will not provide for the use of the account as retirement savings or for income. This custodial account agreement may be used to: 1. Acquire and maintain a qualified retirement plan; 2. Transfer qualified retirement plan assets; 3. Acquire and hold qualified retirement and survivor annuities, trust annuities, and life insurance policies; or 4. Establish an IRA when all other IRAs have been frozen or transferred to a custodial account. Custodial Account Agreement and Annual Statement The Custodial Account Agreement (CAC) and Annual Statement are to be sent to the custodial account holder within 90 days after an account is opened. The purpose of this document is to: a. Establish residency as beneficiary of IRA's, b. Allow for the development of a qualified retirement plan, and c. Create a relationship between the custodial account holder as beneficiary and the non-trustee custodial account holder through which they may benefit from the continued eligibility of retirement benefits.

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