Qualified Terminable Interest Property Intentions Sample Clauses

Qualified Terminable Interest Property Intentions. It is the Settlor's intention that the MARITAL TRUST set aside for the Settlor's said spouse, ^, shall qualify as "qualified terminable interest property" (hereinafter referred to as "QTIP") as defined under Section 2056(b) (7) of the Internal Revenue Code of 1986, as amended, except for any partial QTIP elections as hereinafter provided. Accordingly, all questions relating to the administration of the MARITAL TRUST and any ambiguity in the terms of this Trust Agreement shall be resolved in accordance with such intention. If any property unproductive of income is acquired or held in this MARITAL TRUST which is set up to qualify for the marital deduction, the Settlor's spouse shall have the right by written notice to the Trustee to convert unproductive property in the MARITAL TRUST to productive property within a reasonable period of time. In addition, the Settlor understands that the Executrix of the Settlor's Estate has the power to elect to qualify all or a portion of the MARITAL TRUST for a federal estate tax marital deduction. The Trustee shall, however, review with the Executrix of the Settlor's Estate the question of whether to elect to qualify all or part of the MARITAL TRUST for the federal estate tax marital deduction. For the purpose of determining the amount of any partial election to be made, all values shall be those which are finally determined for federal estate tax purposes. Generally, the Settlor anticipates that the Executrix of the Settlor's Estate will minimize the estate tax payable by the Settlor's estate by electing to qualify all or a portion of the MARITAL TRUST for the federal estate tax marital deduction after taking into consideration the estate tax that will be payable by the Settlor's spouse's estate upon the death of said spouse, the state of said spouse's health and life expectancy at the time of said election, and utilizing other deductions and credits available to the Settlor's estate. If an election is made to qualify only part of the MARITAL TRUST, then, for convenience purposes, the qualifying portion of any such MARITAL TRUST may be known as "PART I" and the nonqualifying portion as "PART II." The apportionment of assets (if an election is made) shall comply with U.S. Treasury Regulations governing Section 2056 of the Internal Revenue Code of 1986, as amended; and, in particular, such apportionment, if any, shall be made such that the portion elected to qualify for the federal estate tax marital deduction will reflect ...
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Related to Qualified Terminable Interest Property Intentions

  • Termination of Contracts Neither the Company nor any of its Subsidiaries has sent or received any communication regarding termination of, or intent not to renew, any material contract or agreement referred to or described in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus or filed as an exhibit to the Registration Statement, and no such termination or non-renewal has been threatened by the Company or any of its Subsidiaries or by any other party to any such contract or agreement.

  • ENTIRETY OF CONTRACTUAL AGREEMENT The COUNTY and the CONTRACTOR agree that this Contract sets forth the entire agreement between the parties, and that there are no promises or understandings other than those stated herein. None of the provisions, terms and conditions contained in this Contract may be added to, deleted, modified, superseded or otherwise altered, except by written instrument executed by the parties hereto.

  • Entirety of Contract The Contract is the entire agreement between the parties with respect to its subject matter, and supersedes all prior agreements, bids, offers, counteroffers and understandings of the parties, whether written or oral. The Contract has been entered into after full investigation, neither party relying upon any statement or representation by the other unless such statement or representation is specifically embodied in the Contract.

  • Can I Roll Over or Transfer Amounts from Other IRAs or Employer Plans If properly executed, you are allowed to roll over a distribution from one Traditional IRA to another without tax penalty. Rollovers between Traditional IRAs may be made once every 12 months and must be accomplished within 60 days after the distribution. Beginning in 2015, just one 60 day rollover is allowed in any 12 month period, inclusive of all Traditional, Xxxx, SEP, and SIMPLE IRAs owned. Under certain conditions, you may roll over (tax-free) all or a portion of a distribution received from a qualified plan or tax-sheltered annuity in which you participate or in which your deceased spouse participated. In addition, you may also make a rollover contribution to your Traditional IRA from a qualified deferred compensation arrangement. Amounts from a Xxxx XXX may not be rolled over into a Traditional IRA. If you have a 401(k), Xxxx 401(k) or Xxxx 403(b) and you wish to rollover the assets into an IRA you must roll any designated Xxxx assets, or after tax assets, to a Xxxx XXX and roll the remaining plan assets to a Traditional IRA. In the event of your death, the designated beneficiary of your 401(k) Plan may have the opportunity to rollover proceeds from that Plan into a Beneficiary IRA account. In general, strict limitations apply to rollovers, and you should seek competent advice in order to comply with all of the rules governing rollovers. Most distributions from qualified retirement plans will be subject to a 20% withholding requirement. The 20% withholding can be avoided by electing a “direct rollover” of the distribution to a Traditional IRA or to certain other types of retirement plans. You should receive more information regarding these withholding rules and whether your distribution can be transferred to a Traditional IRA from the plan administrator prior to receiving your distribution.

  • What if I Make a Contribution for Which I Am Ineligible or Change My Mind About the Type of IRA to Which I Wish to Contribute? Prior to the due date (including extensions) for filing your tax return, you may elect to “recharacterize” amounts that you contributed to an IRA during the year by making a recharacterization of the contributed amount and earnings. Thus, for example, if you contribute amounts to a Xxxx XXX and later determine that you are ineligible to make a Xxxx XXX contribution for the year, you may at any time prior to the tax return due date for the year (including extensions) make a recharacterization of the contributions and earnings to a Traditional IRA.

  • Termination of Contract The Department may terminate the Contract for refusal by the Contractor to comply with this section by not allowing access to all public records, as defined in Chapter 119, F. S., made or received by the Contractor in conjunction with the Contract.

  • Termination of Contract for Cause 5.1.1 If A-E breaches any of the covenants or conditions of this CONTRACT, COUNTY shall have the right to terminate this CONTRACT upon ten (10) days written notice prior to the effective day of termination.

  • Termination of Sub-Contracts 22.3.1 The Authority may require the Supplier to terminate:

  • Termination of Access Once this Agreement ends, by early termination or otherwise, the Licensor may terminate access to the Licensed Materials by Licensee, Participating Institutions and Authorized users, subject to Section XII, below. In addition, authorized copies of Licensed Materials made by Authorized Users may be retained for educational purposes and used subject to the terms of this Agreement.

  • Complete Disposal Upon Termination of Service Agreement Upon Termination of the Service Agreement Provider shall dispose or delete all Student Data obtained under the Service Agreement. Prior to disposition of the data, Provider shall notify LEA in writing of its option to transfer data to a separate account, pursuant to Article II, section 3, above. In no event shall Provider dispose of data pursuant to this provision unless and until Provider has received affirmative written confirmation from LEA that data will not be transferred to a separate account.

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