Common use of Separate Accounting (Multiple Beneficiaries) Clause in Contracts

Separate Accounting (Multiple Beneficiaries). Our policies may spouse is the only designated beneficiary, or if there are multiple permit separate accounting to be applied to your Xxxx XXX for the designated beneficiaries and separate accounting applies, your benefit of your beneficiaries. If permitted, separate accounting must surviving spouse can postpone commencement of his/her RMDs be applied in accordance with Treasury Regulations. If there are until the end of the year in which you would have attained age 73. multiple beneficiaries, a beneficiary is considered the only If your spouse beneficiary chooses the ten-year rule, he/she is beneficiary of their share of the Xxxx XXX assets if separate required to remove all assets from the Xxxx XXX by December 31 accounting applies. If separate accounting applies, the rules above of the tenth year following the year of your death. apply based on the type of beneficiary (i.e., designated beneficiary, Your spouse beneficiary can treat your Xxxx XXX as his/her own eligible designated beneficiary, not a designated beneficiary). Xxxx XXX if your spouse is the only designated beneficiary, or if Federal Income Tax Status of Your Xxxx XXX. there are multiple designated beneficiaries and separate 1. No Deduction for Contributions. Xxxx XXX contributions are not accounting applies. He/she has this option even if he/she had deductible on your federal income tax return at any time.