Common use of Types of Beneficiaries Clause in Contracts

Types of Beneficiaries. The different types of beneficiaries are benefit such account is maintained, the spouse of such individual, or designated beneficiaries, eligible designated beneficiaries and those both. In addition, the QCD from your IRA must be made directly to that are not designated beneficiaries. Different types of beneficiaries the split-interest entity by the custodian. will have different rulesfand in some cases options or electionsf and Consult with your tax or legal professional regarding tax-free distribution periods available. charitable distributions. 2. Designated Beneficiary. A designated beneficiary is any individual RMDs For You. you name as a beneficiary who has an interest in your SIMPLE IRA 1. After Age 73. Your first RMD must be taken by April 1 following on the determination date, which is September 30 of the year the year you attain age 73 , which is your required beginning date following the year of your death. Certain qualifying trusts can also (RBD). Second year and subsequent distributions must be taken by be a designated beneficiary. For a qualifying trust to be a designated December 31 of each such year. An RMD is taxable in the calendar beneficiary, the qualifying trust beneficiaries must be designated year you receive it. beneficiaries.