Distributions on Behalf of a Designated Beneficiary Sample Clauses

Distributions on Behalf of a Designated Beneficiary. During the life of the Designated Beneficiary, the Trustees shall use, apply, or expend as much of the net income and principal of the trust account for the benefit of the Designated Beneficiary of the Trust account as the Trustees, in their sole and uncontrolled discretion, shall deem advisable for the care, comfort, welfare, education, or training of the Designated Beneficiary, to supplement the benefits that the Designated Beneficiary otherwise receives as a result of his or her disability or medical need from any federal, state, or local government program, agency, or department, any of which provide services or benefits to disabled or medically needy persons. Any income not distributed shall be added annually to the principal in the Trust sub-account maintained for the respective Beneficiary. Without intending to limit the forgoing, but subject to the limitations on the exercise of discretionary authority set forth in this Agreement, the following is expressly included among the categories of permissible disbursements for the benefit of the Designated Beneficiaries: 1. Payments for any service or benefit provided by an agency affiliated with the Xxxxxxxx, including to the residential center at which a beneficiary may reside, for his or her support and maintenance, notwithstanding any conflict of interest that may exist by virtue of any relationship between the trustee and such agency. 2. Reimbursement of out-of-pocket expenses incurred by any caseworker or social services provider for services rendered to or on behalf of a Designated Beneficiary. 3. Payment of any tax liability of the Designated Beneficiary attributable to any taxable income generated by income of the Trust Estate. 4. The Trustee, in its sole discretion, may make any payment under the Trust: (a) directly to a Beneficiary; (b) in any form allowed by law; (c) to any person deemed suitable by Trustee, or (d) by direct payment of a Beneficiary’s expenses.
Sample 1
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Distributions on Behalf of a Designated Beneficiary. During the life of the Designated Beneficiary, the Trustees shall use, apply or expend as much or all of the net income and principal of the Trust Account for the direct benefit of the Designated Beneficiary of the Trust Account as the Trustees, in their sole and uncontrolled discretion, shall deem advisable in the best interests of the Designated Beneficiary including, without limitation, for the care, comfort, welfare, education or training of the Designated Beneficiary, over and above the benefits that the Designated Beneficiary otherwise receives from any federal, state or local government, agency or department. Without intending to limit the foregoing, but subject to the limitations on the exercise of discretionary authority set forth in this Agreement, the following is expressly included among the categories of permissible disbursements for the benefit of the Designated Beneficiaries: (1) Payments to the residential center at which the designated beneficiary may reside if in the best interests of the Designated Beneficiary, notwithstanding any conflict of interest that may exist by virtue of any relationship between the Settlor, Trustees and such residential center. (2) Reimbursement of out-of-pocket expenses or other costs incurred by AHRC Foundation, Inc. or any other advocate or advocacy group for service rendered on behalf of a Designated Beneficiary. (3) Payment of any tax liability of the Designated Beneficiary attributable to any taxable income generated by income of the Trust Estate.
Sample 1

Related to Distributions on Behalf of a Designated Beneficiary

  • How do the RMD Rules Impact my Designated Beneficiary or Beneficiaries The RMD rules provide for the determination of your designated beneficiary or beneficiaries as of September 30 of the year following your death. Consequently, any beneficiary may be eliminated for purposes of calculating the RMD by the distribution of that beneficiary’s benefit, through a valid disclaimer between your death and the end of September following the year of your death, or by dividing your IRA account into separate accounts for each of several designated beneficiaries you may have designated.

  • No Designated Beneficiary If the Participant dies before the date distributions begin and there is no designated beneficiary as of September 30 of the year following the year of the Participant’s death, distribution of the Participant’s entire interest will be completed by December 31 of the calendar year containing the fifth anniversary of the Participant’s death.

  • Designation of Beneficiaries The Executive may designate any person to receive any benefits payable under the Agreement upon the Executive’s death, and the designation may be changed from time to time by the Executive by filing a new designation. Each designation will revoke all prior designations by the Executive, shall be in the form prescribed by the Administrator and shall be effective only when filed in writing with the Administrator during the Executive’s lifetime. If the Executive names someone other than the Executive’s spouse as a Beneficiary, the Administrator may, in its sole discretion, determine that spousal consent is required to be provided in a form designated by the Administrator, executed by the Executive’s spouse and returned to the Administrator. The Executive’s beneficiary designation shall be deemed automatically revoked if the Beneficiary predeceases the Executive or if the Executive names a spouse as Beneficiary and the marriage is subsequently dissolved.

  • Designated Beneficiary The individual who is designated as the Beneficiary under the Plan in accordance with Section 401(a)(9) of the Code and the regulations thereunder.

  • Distributions on Account of Separation from Service If and to the extent required to comply with Section 409A, no payment or benefit required to be paid under this Agreement on account of termination of the Executive’s employment shall be made unless and until the Executive incurs a “separation from service” within the meaning of Section 409A.

  • Death During Distribution of a Benefit If the Executive dies after any benefit distributions have commenced under this Agreement but before receiving all such distributions, the Bank shall distribute to the Beneficiary the remaining benefits at the same time and in the same amounts they would have been distributed to the Executive had the Executive survived.

  • Designation of Beneficiary The depositor may designate a beneficiary or beneficiaries to receive benefits from the custodial account in the event of the depositor’s death. In the event the depositor has not designated a beneficiary, or if all beneficiaries shall predecease the depositor, the following persons shall take in the order named: a. The spouse of the depositor; b. If the spouse shall predecease the depositor or if the depositor does not have a spouse, then to the depositor’s estate.

  • Leave Without Pay for Relocation of Spouse At the request of an employee, leave without pay for a period of up to one (1) year shall be granted to an employee whose spouse is permanently relocated and up to five (5) years to an employee whose spouse is temporarily relocated.

  • Distribution of Benefits Members of this unit with at least one year of the service to the District may apply for a number of days consistent with a one-for-one match of their individual sick leave accumulation as of the end of the previous contract year brought forward to the year of the onset of disability. The combined benefit of accumulated personal sick leave and disability bank leave may not exceed one hundred-eighty days and may carry over from one contract year to another. Employees with less than one full year of service in the District will not be require to contribute one of their individual accumulated sick leave days to the disability bank. The Board reviews the right to request re-application and documentation from anyone requesting more than forty (40) days from the pool. Any benefits will be minus other insurance coverage (i.e. worker’s compensation, social security, etc.).

  • DEATH OF BENEFICIARY Unless otherwise provided in the Beneficiary designation, if any Beneficiary dies before the Owner, that Beneficiary's interest will go to any other primary Beneficiaries named, according to their respective interests. If there are no primary Beneficiaries, the Beneficiaries' interest will pass to a contingent Beneficiary, if any. Prior to the Annuity Commencement Date, if no Beneficiary or contingent Beneficiary survives the Owner, the Death Benefits will be paid to the Owner's estate. Unless otherwise provided in the Beneficiary designation, once a Beneficiary is receiving Death Benefits or annuity payments under an Annuity Payment Option, the Beneficiary may name his or her own Beneficiary to receive any remaining benefits due under the Contract, should the original Beneficiary die prior to receipt of all benefits. If no Beneficiary is named or the named Beneficiary predeceases the original Beneficiary, any remaining benefits will continue to the original Beneficiary's estate. A Beneficiary designation must be made by Notice to LNY.

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