A taxable account is an arrangement that allows an investor to deposit funds and buy and sell investments. A Mainstar Trust taxable account provides the investor the option to explore alternative investments along with more traditional assets including stocks, bonds, and mutual funds.
The account can be owned by an individual or jointly. All Joint accounts will have rights of survivorship (JITWROS). In this type of ownership, the account assets will be owned by the surviving individuals upon the death of one of the joint account holders.
Unlike retirement accounts, investors must pay taxes on their investment income in the year it is received in a taxable account. Also, capital gains will be taxable in the year of the asset sale. Mainstar offers this account selection so our clients can work with one custodian and service team for their IRA accounts and non-retirement accounts.