Common use of Required Distributions to Successor Beneficiaries Clause in Contracts

Required Distributions to Successor Beneficiaries. Distributions following the death of your beneficiary must be withdrawn by the successor beneficiary(ies) as required by the Code and Regulations including any annual required minimum distributions and the depletion of the entire remaining interest in the Inherited IRA by the applicable deadline. The applicable deadline by which the Inherited IRA must be depleted by a successor beneficiary is generally the end of the tenth calendar year following your beneficiary’s death or earlier, depending on the circumstances. Failure to withdraw required distributions or deplete the Inherited Traditional IRA may result in an excess accumulation penalty as described above.

Appears in 6 contracts

Samples: Custodial Agreement, Traditional Individual Retirement Account Custodial Agreement, Traditional Individual Retirement Account Custodial Agreement

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Required Distributions to Successor Beneficiaries. Distributions following the death of your beneficiary must be withdrawn by the successor beneficiary(ies) as required by the Code and Regulations including any annual required minimum distributions and the depletion of the entire remaining interest in the Inherited SIMPLE IRA by the applicable deadline. The applicable deadline by which the Inherited SIMPLE IRA must be depleted by a successor beneficiary is generally the end of the tenth calendar year following your beneficiary’s death or earlier, depending on the circumstances. Failure to withdraw required distributions or deplete the Inherited Traditional SIMPLE IRA may result in an excess accumulation penalty as described above.

Appears in 1 contract

Samples: Custodial Agreement

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