INHERITED INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT AGREEMENT Sample Clauses

INHERITED INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT AGREEMENT. Form 5305-A under Section 408(a) of the Internal Revenue Code FORM (Rev. April 2017)

INHERITED INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT AGREEMENT. If you have inherited a qualified retirement plan, 403(a) annuity, 403(b) tax-sheltered annuity, or 457(b) gov- ernmental deferred compensation plan and have either elected or defaulted to payments under the five-year rule, you may change to a life expectancy payment election if, by December 31 of the year following the year of the origi- nal owner’s death, you remove a life expectancy-based payment before rolling over the remaining assets to your inherited IRA. 2. If you have elected to take life expectancy payments and fail to request your required minimum distribution by December 31, we reserve the right to do any one of the following: (a) Make no distribution until you give us a proper withdrawal request (b) Distribute your entire inherited IRA to you in a single sum payment (c) Determine your required minimum distribution each year based on your life expectancy calculated using the Single Life Expectancy Table, and pay those distributions to you until you direct otherwise The entire amount remaining in your account will generally be distributed by December 31 of the year containing the tenth anniversary of the original owner’s death unless you are an eligible designated beneficiary or the account has no designated beneficiary for purposes of determining a distribution period. This requirement applies to beneficiaries regardless of whether the original owner died before, on, or after the required begin- ning date. If you are an eligible designated beneficiary, the entire amount remaining in your account may be distributed (in accordance with the Treasury Regulations) over your remaining life expectancy (or over a period not extending beyond your life expectancy). An eligible designated beneficiary is any designated beneficiary who is: • The original owner’s surviving spouse; • The original owner’s child who has not reached the age of majority; • Disabled (a physician must determine that your impairment can be expected to result in death or to be of long, continued, and indefinite duration); • An individual who is not more than 10 years younger than the original owner; or • Chronically ill (a chronically ill individual is someone who (1) is unable to perform (without substantial assistance from another individual) at least two activities of daily living for an indefinite period due to a loss of functional capacity, (2) has a level of disability similar to the level of disability described above requiring assistance with daily living based on loss of fun...

INHERITED INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT AGREEMENT. 5. The minimum amount that must be distributed each year, begin- ning with the year containing the depositor’s required beginning date, is known as the “required minimum distribution” and is determined as follows. (a) The required minimum distribution under paragraph 2(b) for any year, beginning with the year the depositor reaches age 70½, is the depositor’s account value at the close of busi- ness on December 31 of the preceding year divided by the distribution period in the uniform lifetime table in Regulations Section 1.401(a)(9)-9. However, if the depositor’s designated beneficiary is his or her surviving spouse, the required mini- mum distribution for a year shall not be more than the deposi- tor’s account value at the close of business on December 31 of the preceding year divided by the number in the joint and last survivor table in Regulations Section 1.401(a)(9)-9. The required minimum distribution for a year under this paragraph (a) is determined using the depositor’s (or, if applicable, the depositor and spouse’s) attained age (or ages) in the year. (b) The required minimum distribution under paragraphs 3(a) and 3(b)(i) for a year, beginning with the year following the year of the depositor’s death (or the year the depositor would have reached age 70½, if applicable under paragraph 3(b)(i)) is the account value at the close of business on December 31 of the preceding year divided by the life expectancy (in the single life table in Regulations Section 1.401(a)(9)-9) of the individual specified in such paragraphs 3(a) and 3(b)(i). (c) The required minimum distribution for the year the depositor reaches age 70½ can be made as late as April 1 of the fol- lowing year. The required minimum distribution for any other year must be made by the end of such year. 6. The owner of two or more Traditional IRAs may satisfy the minimum distribution requirements described above by tak- ing from one Traditional IRA the amount required to satisfy the requirement for another in accordance with the regulations under Section 408(a)(6). 1. The depositor agrees to provide the custodian with all information necessary to prepare any reports required by Section 408(i) and Regulations Sections 1.408-5 and 1.408-6. 2. The custodian agrees to submit to the Internal Revenue Service (IRS) and depositor the reports prescribed by the IRS. ARTICLE VI Notwithstanding any other articles which may be added or incor- porated, the provisions of Articles I through III and this sentence ...

INHERITED INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT AGREEMENT successor beneficiary(ies), his or her estate will be the successor beneficiary. In no event shall the successor beneficiary(ies) be able to extend the distribution period beyond that required for the original IRA beneficiary. Minor Named as Beneficiary – If upon the death of the original account owner, a Beneficiary known by the Custodian (Xxxxxx, Xxxxxxxx & Company, Incorporated) to be a minor or otherwise under a legal disability is entitled to receive any or all of the undistributed assets of the ac- count, the Custodian may, in its absolute discretion make all or any part of the distribution to 1) the Legal Guardian, Conservator, or other legal representative as authorized and appointed by the court under the minor beneficiary’s applicable state law or 2) a custodian appointed for such Beneficiary, by the original account holder, under the Uniform Gift to Minors Act (UGMA) or Uniform Transfer to Minors Act (UTMA) or similar act. The designated Custodian under UGMA or UTMA must be in writing and filed with Xxxxxx, Xxxxxxxx & Company, Incorporated prior to the death of the original account holder. The minor shall be deemed to be a minor until such Beneficiary reaches 1) the age of majority under the law of the state of the minor’s domicile or 2) a later age for termination of minor status, if state law allows, but in no event later than age 25, as designated by the Investor in the Beneficiary designation accepted by the Custodian. Minors are not legally able to sign contracts, including account agreements to open an Inherited Beneficiary IRA account. If you fail to name an UTMA custodian, then a Legal Guardian, Conservator, or other legal representative will have to be appointed by the appropriate court. The appropriate court-appointed representative would then have the right to act as the guardian/custodian for the mi- nor and open the Inherited Beneficiary IRA. Please seek competent legal advice before making such a designation. Per Stirpes – Certain accounts (e.g., Individual Retire- ment Accounts & Transfer-On-Death accounts) permit the account owner to designate beneficiaries to receive the account following the death of the owner. On accounts that permit beneficiary designation, a check box appears on the beneficiary designation form that, when checked, shall serve as the account owner’s direction that, in the event that a beneficiary predeceases the account owner, the deceased beneficiary’s share shall be distributed to his or her lineal descenda...

INHERITED INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT AGREEMENT. Form 5305-A under Section 408(a) of the Internal Revenue Code FORM (Rev. April 2017) ARTICLE I Except in the case of a rollover contribution described in Section 402(c), 403(a)(4), 403(b)(8), 408(d)(3), or 457(e)(16), an employer contribution to a simplified employee pension plan as described in

INHERITED INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT AGREEMENT. Section 408(k) or a recharacterized contribution described in Sec- tion 408A(d)(6), the custodian will accept only cash contributions up to $5,500 per year for tax years 2013 through 2017. For individu- als who have reached the age of 50 by the end of the year, the contribution limit is increased to $6,500 per year for tax years 2013 through 2017. For years after 2017, these limits will be increased to reflect a cost-of-living adjustment, if any. ARTICLE II The depositor’s interest in the balance in the custodial account is nonforfeitable. 1. No part of the custodial account funds may be invested in life insurance contracts, nor may the assets of the custodial account be commingled with other property except in a common trust fund or common investment fund (within the meaning of Section 408(a)(5)). 2. No part of the custodial account funds may be invested in collect- ibles (within the meaning of Section 408(m)) except as otherwise permitted by Section 408(m)(3), which provides an exception for certain gold, silver, and platinum coins, coins issued under the laws of any state, and certain bullion. 1. Notwithstanding any provision of this agreement to the contrary, the distribution of the depositor’s interest in the custodial account shall be made in accordance with the following requirements and shall otherwise comply with Section 408(a)(6) and the regulations thereunder, the provisions of which are herein incorporated by reference. 2. The depositor’s entire interest in the custodial account must be, or begin to be, distributed not later than the depositor’s required beginning date, April 1 following the calendar year in which the de- positor reaches age 70½. By that date, the depositor may elect, in a manner acceptable to the custodian, to have the balance in the custodial account distributed in: (a) a single sum or (b) payments over a period not longer than the life of the depositor or the joint lives of the depositor and his or her designated beneficiary. 3. If the depositor dies before his or her entire interest is distributed to him or her, the remaining interest will be distributed as follows: (a) If the depositor dies on or after the required beginning date and: (i) The designated beneficiary is the depositor’s surviving spouse, the remaining interest will be distributed over the surviving spouse’s life expectancy as determined each year until such spouse’s death, or over the period in paragraph (a)(iii) below if longer. Any interest remaining after ...

INHERITED INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT AGREEMENT lowing year. The required minimum distribution for any other year must be made by the end of such year. 6. The owner of two or more Traditional IRAs may satisfy the minimum distribution requirements described above by tak- ing from one Traditional IRA the amount required to satisfy the requirement for another in accordance with the regulations under Section 408(a)(6). 1. The depositor agrees to provide the custodian with all information necessary to prepare any reports required by Section 408(i) and Regulations Sections 1.408-5 and 1.408-6. 2. The custodian agrees to submit to the Internal Revenue Service (IRS) and depositor the reports prescribed by the IRS. ARTICLE VI Notwithstanding any other articles which may be added or incor- porated, the provisions of Articles I through III and this sentence will be controlling. Any additional articles inconsistent with Section 408(a) and the related regulations will be invalid. ARTICLE VII This agreement will be amended as necessary to comply with the provisions of the Code and the related regulations. Other amendments may be made with the consent of the persons whose signatures appear on the application.

INHERITED INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT AGREEMENT. Any brokerage commissions attributable to the assets in your IRA will be charged to your IRA. You cannot reimburse your IRA for those commissions.

INHERITED INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT AGREEMENT. Minors are not legally able to sign contracts, including account agreements to open an Inherited Beneficiary IRA account. If you fail to name an UTMA custodian, then a Legal Guardian, Conservator, or other legal representative will have to be appointed by the appropriate court. The appropriate court-appointed representative would then have the right to act as the guardian/custodian for the minor and open the In- herited Beneficiary IRA. Please seek competent legal advice before making such a designation. by representation (Xxx Xxxxxxx). The shares distributable to descendants under a per stirpes beneficiary designation shall be determined by the law of the state of the account owner’s residence at the time of the account owner’s death. Stifel, in its sole discretion, may determine not to make a distribution of the account to per stirpes or other unnamed beneficiaries unless and until Stifel has been instructed by the deceased account owner’s court-appointed personal representative (e.g., executor, administrator) regarding the persons entitled to receive per stirpes distribution and their respective shares. The account owner agrees, on behalf of himself or herself personally and the account owner’s Estate, heirs, executors, administrators, successors, and assigns, to release, indemni- fy, defend, and hold harmless Stifel, and its parent, subsid- iaries, and affiliates and their respective past and present officers, directors, shareholders, employees, agents, affiliates, successors, and assigns, against and from any and all claims or liabilities, taxes, damages, or expenses (including without limitation judgments, amounts paid in settlement, and/or attorney’s fees), of any kind or of any nature whatsoever, that may arise from, or relate to, Xxxxxx’x reliance on information provided by the account owner’s said personal representative.

INHERITED INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT AGREEMENT. If you are an eligible designated beneficiary, the entire amount remaining in your account may be distributed (in accordance with the Treasury Regulations) over your remaining life expectancy (or over a period not extending beyond your life expectancy). An eligible designated beneficiary is any designated beneficiary who is: • The original owner’s surviving spouse; • The original owner’s child who has not reached the age of majority; • Disabled (a physician must determine that your impairment can be expected to result in death or to be of long, continued, and indefinite duration); • An individual who is not more than 10 years younger than the original owner; or • Chronically ill (a chronically ill individual is someone who (1) is unable to perform (without substantial assistance from another individual) at least two activities of daily living for an indefinite period due to a loss of functional capacity, (2) has a level of disability similar to the level of disability described above requiring assistance with daily living based on loss of functional capacity, or (3) requires substantial supervision to protect the individual from threats to health and safety due to severe cognitive impairment). Note that certain trust beneficiaries (e.g., certain trusts for disabled and chronically ill individuals) may take distribution of the entire amount remaining in the account over the remaining life expectancy of the trust beneficiary. Generally, life expectancy distributions to an eligible designated beneficiary must commence by December 31 of the year following the year of the original owner’s death. However, if the original owner’s spouse is the eligible designated beneficiary, distributions need not commence until December 31 of the year the original owner would have attained age 72, if later. If the eligible desig- nated beneficiary is the original owner’s minor child, life expec- tancy payments must begin by December 31 of the year following the year of the original owner’s death and continue until the child reaches the age of majority. Once the age of majority is reached, the beneficiary will have 10 years to deplete the account. If a beneficiary other than a person (e.g., an estate, a char- ity, or a certain type of trust) is named, the original owner will be treated as having no designated beneficiary of the IRA for purposes of determining the distribution period. If the original owner died before the required beginning date and there is no designated benefic...