What Law. Applies – This agreement is subject to all applicable federal and state laws and regulations. If it is necessary to apply any state law to interpret and administer this agreement, the law of the custodian’s domicile will govern. If any part of this agreement is held to be illegal or invalid, the remaining parts will not be affected. Neither the responsible individual’s nor the custodian’s failure to enforce at any time or for any period of time any of the provisions of this agreement will be construed as a waiver of such provisions, or the parties’ right thereafter to enforce each and every such provision. Military death gratuity – Families of soldiers who receive military death benefits may contribute, subject to certain limitations, up to 100 percent of such benefits into an educational savings account. Publication 970, Tax Benefits for Education, explains the rules for rolling over the military death gratuity and lists eligible family members. Form 5305-EA is a model custodial account agreement that meets the requirements of section 530(b)(1) and has been pre-approved by the IRS. A Xxxxxxxxx education savings account (ESA) is established after the form is fully executed by both the depositor and the custodian. This account must be created in the United States for the exclusive purpose of paying the qualified elementary, secondary, and higher education expenses of the designated beneficiary. If the model account is a trust account, see Form 5305-E, Xxxxxxxxx Education Savings Trust Account.
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Samples: Coverdell Education Savings Account Custodial Account Agreement, Coverdell Education Savings Account Custodial Account Agreement, Coverdell Education Savings Account Custodial Agreement