INHERITED INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT AGREEMENT. Form 5305-A under Section 408(a) of the Internal Revenue Code FORM (Rev. April 2017) The depositor named is establishing a Traditional individual retirement account under Section 408(a) to provide for his or her retirement and for the support of his or her beneficiaries after death. The custodian named has given the depositor the disclosure statement required by Regulations Section 1.408-6. The depositor has assigned the custodial account the sum indi- cated on the application. The depositor and the custodian make the following agreement:
INHERITED INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT AGREEMENT successor beneficiary(ies), his or her estate will be the successor beneficiary. In no event shall the successor beneficiary(ies) be able to extend the distribution period beyond that required for the original IRA beneficiary. Minor Named as Beneficiary – If upon the death of the original account owner, a Beneficiary known by the Custodian (Xxxxxx, Xxxxxxxx & Company, Incorporated) to be a minor or otherwise under a legal disability is entitled to receive any or all of the undistributed assets of the ac- count, the Custodian may, in its absolute discretion make all or any part of the distribution to 1) the Legal Guardian, Conservator, or other legal representative as authorized and appointed by the court under the minor beneficiary’s applicable state law or 2) a custodian appointed for such Beneficiary, by the original account holder, under the Uniform Gift to Minors Act (UGMA) or Uniform Transfer to Minors Act (UTMA) or similar act. The designated Custodian under UGMA or UTMA must be in writing and filed with Xxxxxx, Xxxxxxxx & Company, Incorporated prior to the death of the original account holder. The minor shall be deemed to be a minor until such Beneficiary reaches 1) the age of majority under the law of the state of the minor’s domicile or 2) a later age for termination of minor status, if state law allows, but in no event later than age 25, as designated by the Investor in the Beneficiary designation accepted by the Custodian. Minors are not legally able to sign contracts, including account agreements to open an Inherited Beneficiary IRA account. If you fail to name an UTMA custodian, then a Legal Guardian, Conservator, or other legal representative will have to be appointed by the appropriate court. The appropriate court-appointed representative would then have the right to act as the guardian/custodian for the mi- nor and open the Inherited Beneficiary IRA. Please seek competent legal advice before making such a designation. Per Stirpes – Certain accounts (e.g., Individual Retire- ment Accounts & Transfer-On-Death accounts) permit the account owner to designate beneficiaries to receive the account following the death of the owner. On accounts that permit beneficiary designation, a check box appears on the beneficiary designation form that, when checked, shall serve as the account owner’s direction that, in the event that a beneficiary predeceases the account owner, the deceased beneficiary’s share shall be distributed to his or her lineal descenda...
INHERITED INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT AGREEMENT ance in the custodial account distributed in: (a) a single sum or
INHERITED INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT AGREEMENT respect to your inherited IRA, nor will we offer any opinion or judgment to you on matters concerning the value or suitability of any investment or proposed investment for your inher- ited IRA. In the absence of instructions from you, or if your instructions are not in a form acceptable to us, we will have the right to hold any uninvested amounts in cash, and we will have no responsibility to invest uninvested cash unless and until directed by you. We will not exercise the voting rights and other shareholder rights with respect to investments in your inherited IRA unless you provide timely written directions acceptable to us. You will select the investment for your inherited IRA assets from those investments that we are authorized by our charter, articles of incorporation, or bylaws to offer and do in fact offer for inherited IRAs (e.g., term share accounts, passbook ac- counts, certificates of deposit, money market accounts). We may in our sole discretion make available to you additional investment offerings, which will be limited to publicly traded securities, mutual funds, money market instruments, and other investments that are obtainable by us and that we are capable of holding in the ordinary course of our business.
INHERITED INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT AGREEMENT and all claims or liabilities, taxes, damages, or expenses (including without limitation judgments, amounts paid in settlement, and/or attorney’s fees), of any kind or of any nature whatsoever, that may arise from, or relate to, Xxxxxx’x reliance on the information provided to it by the account owner’s said personal representative.
INHERITED INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT AGREEMENT and sole discretion, and you agree to not hold us liable for any adverse consequences that result from our decision.
INHERITED INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT AGREEMENT bullion (as described in IRC Sec. 408(m)(3)) are also permitted as inherited IRA investments.
INHERITED INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT AGREEMENT. IRA, you must have inherited the assets from the same owner and they must have been subject to the same beneficiary pay- ment elections and calculation methods as under the receiving inherited IRA. Rollover is a term used to describe a tax-free movement of cash or other property to your inherited IRA from a qualified retirement plan, 403(a) annuity plan, 403(b) tax- sheltered annuity, or 457(b) eligible governmental deferred compensation plan that you have inherited as a beneficiary. The general rollover and transfer rules are summarized below. These transactions are often complex. If you have any ques- tions regarding a rollover or transfer, please see a competent tax advisor.
INHERITED INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT AGREEMENT the inherited IRA assets and for receiving the applicable distribution by the deadline. Roll Over or Transfer to My Own IRA (Spouse beneficiary only). Spouse beneficiaries have the option of rolling over the distribu- tion into their own IRA. Spouse beneficiaries, who are the sole beneficiary of an IRA, may transfer the original IRA owner’s IRA into their own IRA. Roll Over to My Own Eligible Employer-Sponsored Retirement Plan (Spouse beneficiary only). Spouse beneficiaries may roll over the assets into their own eligible employer-sponsored retire- ment plan.
INHERITED INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT AGREEMENT. (ii) The remaining interest will be distributed by the end of the calendar year containing the fifth anniversary of the depositor’s death.
