Common use of Eligible Designated Clause in Contracts

Eligible Designated. Beneficiary Who is the IRA Owner’s Minor Child. If you are an eligible designated beneficiary who is the IRA owner’s minor child, you have the option of taking distribution of the IRA assets over a single life expectancy period or within ten years. However, upon reaching the age of majority, you must take out any remaining IRA assets within ten years after such date. The age of majority is an issue determined by state law.

Eligible Designated. Beneficiary Who is the IRA Owner’s Minor Child. If you are an eligible designated beneficiary who is the IRA Xxxx XXX owner’s minor child, you have the option of taking distribution of the IRA Xxxx XXX assets over a single life expectancy period or within ten years. However, upon reaching the age of majority, you must take out any remaining IRA Xxxx XXX assets within ten years after such date. The age of majority is an issue determined by state law.