Inherited Xxxx Individual Retirement Custodial Account Agreement. 2. If you are the beneficiary of a deceased Xxxx XXX owner, the entire amount remaining in the inherited account will, at your election, either:
(a) Be distributed by December 31 of the year containing the fifth anniversary of the original Xxxx XXX owner’s death, or
(b) Be distributed over your remaining life expectancy. If you are a spouse who is the sole designated beneficiary of a Xxxx XXX owner, you must elect either option (a) or (b) by the earlier of December 31 of the year containing the fifth anniversary of the original owner’s death, or December 31 of the year life expectancy payments would be required to begin. If you are a designated beneficiary of the original Xxxx XXX owner, other than a spouse who is the sole designated beneficiary, you must elect either option (a) or (b) by December 31 of the year following the year of the original Xxxx XXX owner’s death. If no election is made, the distribution will be calculated in accordance with option (b). In the case of distributions under option (b), distributions must commence by December 31 of the year following the year of the original Xxxx XXX owner’s death. If the original Xxxx XXX owner’s designated beneficiary is not an individual or qualified trust as defined in the Treasury Regulations, the original Xxxx XXX will be treated as having no designated beneficiaries for purposes of determining the distribution period. If there is no designated beneficiary of the original Xxxx XXX, the entire inherited Xxxx XXX must be distributed by December 31 of the year containing the fifth anniversary of the original Xxxx XXX owner’s death.
3. 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 Xxxx XXX 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 If you fail to remove a required minimum distribution, an ad- ditional penalty tax of 50 percent is imposed on the amount of the required minimum distribution that should have been taken but was not. You must file IRS Form 5329 along with your income tax return to report and remit any additional taxes to the IRS.
Inherited Xxxx Individual Retirement Custodial Account Agreement. Form 5305-RA under Section 408A of the Internal Revenue Code FORM (Rev. April 2017)
Inherited Xxxx Individual Retirement Custodial Account Agreement. Custodian will not exercise any investment discretion, or provide investment recommendations or advice regarding your IRA, as this is solely your responsibility. The value of your Inherited Xxxx XXX will be solely dependent upon the performance of any investment instrument chosen by you to fund your Inherited Xxxx XXX. Therefore, no projection of the growth of your Inherited Xxxx XXX can reasonably be shown or guaranteed. Terms and conditions of the Inherited Xxxx XXX which affect your investment decisions are listed below. You choose the investments which will fund your Inherited Xxxx XXX. Your investment choices are limited to investments we offer directly or those that are acceptable to us as Custodian. There are certain fees and charges connected with the invest- ments you may select for your Inherited Xxxx XXX. These fees and charges may include the following. • Sales Commissions • Set-Up Fees • Investment Management Fees • Annual Maintenance Fees • Distribution Fees • Surrender or Termination Fees To find out what fees apply, read the prospectus or contract, which will describe the terms of the investment you choose. There may be certain fees and charges connected with the Inherited Xxxx XXX itself. These include: • Transfer Fees • Termination Fees • Rollover Fees • Annual Maintenance Fees • Private Placement Fees • Alternative Investment Fees We reserve the right to change any of the above fees after notice to you, as provided in your Inherited Xxxx XXX Plan Agreement.
Inherited Xxxx Individual Retirement Custodial Account Agreement ing investment advice with respect to your inherited Xxxx XXX, nor will we offer any opinion or judgment to you on matters concerning the value or suitability of any investment or proposed investment for your inherited Xxxx XXX. In the ab- sence of instructions from you, or if your instructions are not in a form acceptable to us, we will have the right to hold any uninvested amounts in cash, and we will have no responsibil- ity to invest uninvested cash unless and until directed by you. We will not exercise the voting rights and other shareholder rights with respect to investments in your inherited Xxxx XXX unless you provide timely written directions acceptable to us. You will select the investment for your inherited Xxxx XXX assets from those investments that we are authorized by our charter, articles of incorporation, or bylaws to offer and do in fact offer for investment in inherited Xxxx IRAs (e.g., term share accounts, passbook accounts, certificates of deposit, money market accounts). We may, in our sole discretion, make available to you additional investment offerings, which will be limited to publicly traded securities, mutual funds, money market instruments, and other investments that are obtainable by us and that we are capable of holding in the ordinary course of our business. You authorize the deposit or investment of cash balances in the account in CDs and other deposits issued by Stifel Bank & Trust, Stifel Bank, Stifel Trust Company, N.A., or any other Stifel-affiliated Bank avail- able, which will bear a reasonable rate of interest as required by 29 C.F.R. Section 2550.408b-4(b)(2).
Inherited Xxxx Individual Retirement Custodial Account Agreement personally and the account owner’s Estate, heirs, execu- tors, administrators, successors, and assigns, to release, indemnify, defend, and hold harmless Stifel, and its parent, subsidiaries, and affiliates and their respective past and pres- ent officers, directors, shareholders, employees, agents, affili- ates, 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 informa- tion provided by the account owner’s said personal represen- tative.
Inherited Xxxx Individual Retirement Custodial Account Agreement. Any fees, expenses or taxes chargeable against your Xxxx XXX; • Any penalties or surrender charges associated with the early withdrawal of any savings instrument or other invest- ment in your Xxxx XXX. If we are required to comply with Regulations Section 1.408–2(e), and we fail to do so, or we are not keeping the records, making the returns, or sending the statements as are required by forms or Regulations, the IRS may, after notifying you, require you to substitute another trustee or custodian. We may establish a policy requiring distribution of the entire balance of your Xxxx XXX to you in cash or property if the balance of your Xxxx XXX drops below the minimum balance required under the applicable investment or policy estab- lished.
Inherited Xxxx Individual Retirement Custodial Account Agreement. This article describes how distributions will be made from the Xxxx XXX after the depositor’s death. Elections made pursuant to this article should be reviewed periodically to ensure they correspond to the depositor’s intent. Under paragraph 3 of Article V, the depositor’s spouse is treated as the owner of the Xxxx XXX upon the death of the depositor, rather than as the beneficiary. If the spouse is to be treated as the beneficiary and not the owner, an overriding provision should be added to Article IX.
Inherited Xxxx Individual Retirement Custodial Account Agreement of the year containing the fifth anniversary of the original owner’s death. The IRA beneficiary election rules are often complex. The general rules are listed below. If you have questions regarding an election, consult with a competent tax profes- sional or refer to IRS Publication 590, Individual Retirement Arrangements (IRAs), for more information. This publication is available on the IRS website at xxx.xxx.xxx or by calling 0-000-XXX-XXXX.
Inherited Xxxx Individual Retirement Custodial Account Agreement. B. Special Tax Treatment – Capital gains treatment and 10-year income averaging authorized by IRC Sec. 402 do not apply to inherited Xxxx XXX distributions.
Inherited Xxxx Individual Retirement Custodial Account Agreement. Transfer Fees • Termination Fees • Rollover Fees • Annual Maintenance Fees • Private Placement Fees • Alternative Investment Fees We reserve the right to change any of the above fees after notice to you, as provided in your Inherited Xxxx XXX Plan Agreement.
