Successive income beneficiary Sample Clauses

Successive income beneficiary. (i) If the income beneficiary of a QSST who made a QSST election dies, each suc- cessive income beneficiary of that trust is treated as consenting to the election unless a successive income beneficiary affirmatively refuses to consent to the election. For this pur- pose, the term successive income bene- ficiary includes a beneficiary of a trust whose interest is a separate share with- in the meaning of section 663(c), but does not include any beneficiary of a trust that is created upon the death of the income beneficiary of the QSST and which is a new trust under local law.
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Successive income beneficiary. (i) If the income beneficiary of a QSST who made a QSST election dies, each suc- cessive income beneficiary of that trust is treated as consenting to the election unless a successive income beneficiary affirmatively refuses to consent to the election. For this pur- pose, the term successive income bene- ficiary includes a beneficiary of a trust whose interest is a separate share with- in the meaning of section 663(c), but does not include any beneficiary of a trust that is created upon the death of the income beneficiary of the QSST and which is a new trust under local law. (ii) The application of this paragraph (j)(9) is illustrated by the following ex- amples: Example 1. Shares of stock in Corporation X, an S corporation, are held by Trust A, a QSST for which a QSST election was made. B is the sole income beneficiary of Trust A. On B’s death, under the terms of Trust A, J and K become the current income bene- ficiaries of Trust A. J and K each hold a sep- arate and independent share of Trust A with- in the meaning of section 663(c). J and K are successive income beneficiaries of Trust A, and they are treated as consenting to B’s QSST election. Example 2. Assume the same facts as in Ex- ample 1, except that on B’s death, under the terms of Trust A and local law, Trust A ter- minates and the principal is to be divided equally and held in newly created Trust B and Trust C. The sole income beneficiaries of Trust B and Trust C are J and K, respec- tively. Because Trust A terminated, J and K are not successive income beneficiaries of Trust A. J and K must make QSST elections for their respective trusts to qualify as QSSTs, if they qualify. The result is the same whether or not the trustee of Trusts B and C is the same as the trustee of trust A.
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Related to Successive income beneficiary

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  • Designated Beneficiary The individual who is designated as the Beneficiary under the Plan in accordance with Section 401(a)(9) of the Code and the regulations thereunder.

  • No Designated Beneficiary If the Participant dies before the date distributions begin and there is no designated beneficiary as of September 30 of the year following the year of the Participant’s death, distribution of the Participant’s entire interest will be completed by December 31 of the calendar year containing the fifth anniversary of the Participant’s death.

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  • Contingent Beneficiary While the Annuitant is alive, the Owner may, by written Request, designate or change a Contingent Beneficiary from time to time. The Company shall not be bound by any change of Contingent Beneficiary unless it is made in writing and recorded at the Retirement Resource Operations Center.

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  • Accrued Benefit 1.05 1.16 Nonforfeitable ............................................. 1.05 1.17 Plan Year/Limitation Year .................................. 1.05 1.18 Effective Date ............................................. 1.05 1.19 Plan Entry Date ............................................ 1.05 1.20

  • Intended Beneficiaries Nothing in this Agreement shall be construed to give any person or entity other than the parties hereto any legal or equitable claim, right or remedy. Rather, this Agreement is intended to be for the sole and exclusive benefit of the parties hereto.

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