Successor Beneficiary Sample Clauses

Successor Beneficiary. In the even that Organization: (i) is no longer a Qualified Public Charity; (ii) becomes subject to bankruptcy proceedings under state or federal law; or (iii) liquidates, dissolves, or otherwise ceases to exist, Organization designates the following Qualified Public Charity to be the beneficiary of the Fund (“Successor Beneficiary”): Organization Name Mailing Address City State Zip In consideration for CFU establishing the Fund and for other good and valuable consideration, Organization agrees to indemnify, defend, protect, and hold harmless CFU, its directors, officers and other representatives from any and all liabilities, claims, damages, costs, or expenses (including, without limitation, reasonable attorney’s fees and court costs) arising from or relating to this Agreement or which CFU may incur by reason of its acting upon recommendations given to CFU by any authorized person(s), including but not limited to Organization and any Authorized Representative(s), or for any default or breach of Organization’s obligations and duties under this Agreement.

Successor Beneficiary. A Designated Beneficiary of the original deceased owner who establishes an Inherited IRA is allowed by the custodian to name one or more beneficiaries, these may be Designated or Non-Designated beneficiaries. Specific requirements for distributions apply see Successor Beneficiary Distribution Requirements. Beneficiary Distribution Options and Requirements Based on the answers to the questions above, locate the table and section that applies to you as beneficiary. Terms underlined below are defined in the Additional information – Lexicon at the end of this document. Life Expectancy Distributions may be elected or required, see Additional information – Life Expectancy Distributions for information on the steps to determine the amount of those distributions. Beneficiary of the Original Owner If the original owner died prior to January 1, 2020, go to Beneficiary Distribution Requirements Original Owner Death PRIOR to the SECURE Act If the owner died on or after January 1, 2020, go to Beneficiary Distribution Requirements Original Owner Death AFTER the SECURE Act Successor Beneficiary If the owner of an Inherited IRA (i.e., the initially named beneficiary) died, go to Successor Beneficiary Distribution Requirements Beneficiary Distribution Requirements Original Owner Death PRIOR to SECURE ACT Beneficiary is a: Owner’s Date of Death prior to RBD (▇▇▇▇ ▇▇▇, regardless of age on the date of death) Owner’s Date of Death on/after RBD (N/A for deceased ▇▇▇▇ ▇▇▇ owner) Designated Beneficiary (other than spouse) 1. Elect to take Life Expectancy Distributions 2. 5-year rule Life Expectancy Distributions are required each year after the year of the owner’s death by December 31. Spouse Designated Beneficiary 1. Elect to take Life Expectancy Distributions - RMDs for inherited accounts are generally required under IRS regulations to begin by 12/31 of the year after the year of death of the original account owner. Exception to this beginning date applies to spouses of the original owner, who may delay beginning to take RMDs until the year in which the original owner would have reached their first RMD year. 2. 5-year rule Life Expectancy Distributions are required each year after the year of the owner’s death by December 31. Non-Designated Beneficiary 5-year rule Life Expectancy Distributions are required each year after the year of the owner’s death by December 31.