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Common use of DEATH OF BENEFICIARY Clause in Contracts

DEATH OF BENEFICIARY. In the event of the death of the Beneficiary, the Account Owner may authorize a change in the Beneficiary for the Account to a Member of the Family of the previous Beneficiary or request the withdrawal of the Account balance. A distribution made to a beneficiary of the Beneficiary’s estate (or to the Beneficiary’s estate) due to the death of the Beneficiary will not be subject to the additional 10% federal tax on earnings, but earnings may be subject to any applicable federal and state and/or local income tax.

Appears in 3 contracts

Samples: Program Description and Participation Agreement, Tomorrow’s Scholar® 529 Plan Program Description and Participation Agreement, Tomorrow’s Scholar® 529 Plan Program Description and Participation Agreement

DEATH OF BENEFICIARY. In the event of the death of the Beneficiary, the Account Owner may authorize a change in the Beneficiary for the Account to a Member of the Family of the previous Beneficiary or request the withdrawal of the Account balance. A distribution made to a beneficiary of the Beneficiary’s an estate (or to the Beneficiary’s estate) due to the death of the Beneficiary will not be subject to the additional 10% federal tax on earnings, but the earnings may portion of such distribution will be subject to any applicable federal and state and/or local income tax.

Appears in 3 contracts

Samples: Iowa Advisor 529 Plan Program Description and Participation Agreement, Iadvisor 529 Plan Program Description and Participation Agreement, Iowa Advisor 529 Plan Program Description and Participation Agreement