Provisions Regarding Payment of Retirement Benefits to Non-individual Beneficiaries. To the extent practicable, the Trustee is advised not to distribute to or for the benefit of the Settlor’s estate, any charity or any other non-individual beneficiary any benefits payable to this Trust under any qualified retirement plan, individual retirement account or other retirement arrangement subject to the “minimum distribution rules” of Section 401(a)(9) of the Internal Revenue Code, or other comparable provisions of law. It is the Settlor’s intent that, to the extent practicable, such retirement benefits be distributed to or held for only individual beneficiaries, within the meaning of Section 401(a)(9) and applicable regulations and that such benefits not be used or applied for payment of debts, taxes, expenses of administration or other claims against the Settlor’s estate; nor for payment of estate, inheritance or similar transfer taxes due on account of the Settlor’s death except to the minimum extent that would be required under applicable state or federal tax apportionment law in the absence of any specific provision on the subject in the Settlor’s Will or this Trust. This Section shall not apply to any charitable bequest that is specifically directed to be funded with retirement benefits by other provisions of this Trust.
Provisions Regarding Payment of Retirement Benefits to Non-individual Beneficiaries. A. To the extent practicable, the Trustee is advised not to distribute to or for the benefit of the Settlor’s estate, any charity or any other non-individual beneficiary any benefits payable to this Trust under any qualified retirement plan, individual retirement account, Xxxx XXX, or similar tax-favored retirement arrangement or annuity (hereinafter the “Plan”) subject to the “minimum distribution rules” of Section 401(a)(9) of the Internal Revenue Code, or other comparable provisions of law. It is the Settlor’s intent that, to the extent practicable, such Plan benefits be distributed to or held for only individual beneficiaries, within the meaning of Section 401(a)(9) and applicable regulations and that such benefits not be used or applied for payment of debts, taxes, expenses of administration or other claims against the Settlor’s estate; nor for payment of estate, inheritance or similar transfer taxes due on account of the Settlor’s death except to the minimum extent that would be required under applicable state or federal tax apportionment law in the absence of any specific provision on the subject in the Settlor’s Will or this Trust.
