Change of Designated Beneficiary. (a) If elected in the Adoption Agreement, while the Designated Beneficiary is a minor or otherwise lacks legal capacity, the Responsible Individual may at any time change the Designated Beneficiary for this Xxxxxxxxx ESA to any member of the family under the age of 30 of the original Designated Beneficiary or direct the Custodian to roll over or transfer the funds in this Xxxxxxxxx ESA to a Xxxxxxxxx ESA for any member of the family under the age of 30 of the original Designated Beneficiary. If elected in the Adoption Agreement, when the Designated Beneficiary has legal capacity, the Designated Beneficiary may at any time change the Designated Beneficiary for this Xxxxxxxxx ESA to any member of the family under the age of 30 of the original Designated Beneficiary or direct the Custodian to roll over or transfer the funds in this Xxxxxxxxx ESA to a Xxxxxxxxx ESA for any member of the family under the age of 30 of the original Designated Beneficiary.
(b) Any change of Designated Beneficiary under this Xxxxxxxxx ESA agreement shall not be treated as a distribution, if the new Designated Beneficiary is a Member of the Family (as defined under section 10.10) and such new Designated Beneficiary has not attained the age of 30, as of the date of such change.
Change of Designated Beneficiary. 1. At any time prior to the date that the Designated Beneficiary attains the age of 30, the Responsible Individual may change the Designated Beneficiary for the Custodial Account to any Family Member of the original Designated Beneficiary under the age of 30, or direct the Custodian to roll over or transfer the funds in the Custodial Account to a Xxxxxxxxx ESA of a Family Member of the original Designated Beneficiary under the age of 30.
2. Any change of Designated Beneficiary complying with Section L.1 above shall not be treated as a distribution if the new Designated Beneficiary is a Family Member and such new Designated Beneficiary has not attained the age of 30, as of the date of such change.
3. Notwithstanding any other provision of the Xxxxxxxxx ESA Custodial Agreement, a new Designated Beneficiary may be named within 30 days after the Designated Beneficiary attains the age of 30.
Change of Designated Beneficiary. Under this Xxxxxxxxx ESA Custodial Agreement, the Responsible Individual may change the Designated Beneficiary to another member of the Designated Beneficiary's family, as described in and subject to Code Section 529(e)(2), in accordance with the Custodian's procedures.
Change of Designated Beneficiary. General — Section 529 of the Code and the Proposed Regulations (defined on page 37) generally allow for changes of the Designated Beneficiary without federal income tax consequences, so long as the new Designated Beneficiary is a Member of the Family (defined below) of the current Designated Beneficiary. Special rules apply to Accounts established by tax or any generation-skipping transfer tax will result provided the new Designated Beneficiary is a Member of the Family of the current Designated Beneficiary and is assigned to the same generation as or a higher generation than the current Designated Beneficiary. Any change of the Designated Beneficiary to an individual who is not a Member of the Family of the current Designated Beneficiary should be treated as a Non-Qualified Withdrawal. See “TAX TREATMENT OF INVESTMENTS AND WITHDRAWALS - Federal Taxation of Section 529 Programs.” To initiate a change of Designated Beneficiary to a Member of the Family of the current Designated Beneficiary, the Participant must complete and provide a NextGen 529 Change of Designated Beneficiary Form (and any additional required documentation) to the Program Manager. The change will be made upon the Program Manager’s acceptance and processing of a properly completed form. A Participant also may achieve a change of Designated Beneficiary by transferring part of the assets in an existing Account to another Account for the benefit of a different Designated Beneficiary. If this is a new Account, this will require completion of an Account Application Form as well as a Change of Designated Beneficiary Form. There is no fee or charge for changing a Designated Beneficiary. A Participant may choose to reinvest amounts currently held in an Account to any of the available Portfolio(s) when changing the Designated Beneficiary for an Account. If the Participant’s Account is currently invested in an Age-Based Diversified Portfolio and the Participant chooses to reinvest in an Age- Based Diversified Portfolio upon changing the Designated Beneficiary, the Program Manager will reinvest such amounts based on the age of the new Designated Beneficiary.
Change of Designated Beneficiary. 1. The Contributor shall have the power to direct the Custodian regarding the investment of the initial contribution (and earnings thereon).
2. The Responsible Individual shall have the power to redirect the Custodian regarding the investment of the initial contribution, and the power to direct the Custodian regarding the investment of all additional contributions (including earnings thereon) to the Custodial Account.
3. In the event that the Responsible Individual does not direct the Custodian regarding the investment of additional contributions (including earnings thereon), the initial investment direction of the Contributor also will govern all additional contributions made to the Under this Xxxxxxxxx ESA Custodial Agreement, the Responsible Individual may change the Designated Beneficiary to another member of the Designated Beneficiary's family, as described in and subject to Code Section 529(e)(2), in accordance with the Custodian's procedures.
Change of Designated Beneficiary. You may request that an individual who is a Member of the Family of your current Designated Beneficiary be substituted as your new Designated Beneficiary by submitting a Change of Designated Beneficiary Form (and any additional required documentation) to the Recordkeeping Agent. The change will be made upon the Program’s acceptance of the request
Change of Designated Beneficiary. General – Section 529 of the Code and the Proposed Regulations (defined on page 73) generally allow for changes of the Designated Beneficiary without federal income tax consequences, so long as the new Designated Beneficiary is a Member of the Family (defined below) of the current Designated Beneficiary. Special rules apply to Accounts established by UGMA/UTMA custodians. In addition, generally no federal gift tax or any generation-skipping transfer tax will result provided the new Designated Beneficiary is a Member of the Family of the current Designated Beneficiary and is assigned to the same generation as or a higher generation than the current Designated Beneficiary. Any change of the Designated Beneficiary to an individual who is not a Member of the Family of the current Designated Beneficiary should be treated as a Non-Qualified Withdrawal. See “TAX TREATMENT OF INVESTMENTS AND WITHDRAWALS - Federal Taxation of Section 529 Programs.”
Change of Designated Beneficiary. The Beneficiary or Beneficiaries (including contingent or successive Beneficiaries) designated by a Participant may be changed at any time and from time to time, at the election of the Participant but only by his or her filing a new designation with the Administrator revoking all prior designations in such form as the Administrator requires, or, in accordance with reasonable procedures established by the Administrator. A change in the Beneficiary designation will take effect when the election is accepted by the Administrator.
Change of Designated Beneficiary. In accordance with Article VI, the Responsible Individual may change the Designated Beneficiary by requesting, on a form acceptable to the Custodian, the transfer of all or a portion of the Account to a separate Xxxxxxxxx ESA established on behalf of the family member of the Designated Beneficiary receiving the transfer.
Change of Designated Beneficiary. The Responsible Individual does not have the right to change the Designated Beneficiary to a new Designated Beneficiary under this Trust Agreement.
