Common use of Spouse Beneficiary Clause in Contracts

Spouse Beneficiary. If your spouse is your only designated beneficiary on the determination date, or if there are multiple designated beneficiaries and separate accounting applies, he/she will use his/her age each year to determine the life expectancy divisor for calculating that year's RMD. If your spouse is the only designated beneficiary, or if there are multiple designated beneficiaries and separate accounting applies, and you die before your RBD, your surviving spouse can postpone commencement of his/her RMDs until the end of the year in which you would have attained age 70 1/2. If you die on or after your RBD, your surviving spouse will use the longer of his/her single life expectancy, determined each year after the death year using his/her attained age, or your remaining single life expectancy determined in your death year and reduced by one each subsequent year. If your spouse is the only designated beneficiary, or if there are multiple designated beneficiaries and separate accounting applies, he/she can treat your SIMPLE IRA as his/her own SIMPLE IRA after your death. This generally happens after any of your remaining RMD amount for the year of your death has been distributed. Your spouse beneficiary could take a distribution of his/her share of your SIMPLE IRA and roll it over to an IRA of his/her own.

Spouse Beneficiary. If your spouse is your only designated beneficiary on the determination date, or if there are multiple designated beneficiaries and separate accounting applies, he/she will use his/her age each year to determine the life expectancy divisor for calculating that year's RMD. If your spouse is the only designated beneficiary, or if there are multiple designated beneficiaries and separate accounting applies, and you die before your RBD, your surviving spouse can postpone commencement of his/her RMDs until the end of the year in which you would have attained age 70 1/2. If you die on or after your RBD, your surviving spouse will use the longer of his/her single life expectancy, determined each year after the death year using his/her attained age, or your remaining single life expectancy determined in your death year and reduced by one each subsequent year. If your spouse is the only designated beneficiary, or if there are multiple designated beneficiaries and separate accounting applies, he/she can treat your SIMPLE IRA XXX as his/her own SIMPLE IRA XXX after your death. This generally happens after any of your remaining RMD amount for the year of your death has been distributed. Your spouse beneficiary could take a distribution of his/her share of your SIMPLE IRA XXX and roll it over to an IRA XXX of his/her own.

Spouse Beneficiary. If Your spouse may have the option of distributing the IRA assets over a single life expectancy period or within ten years (the ten-year rule). Your spouse may alternatively choose to treat the entire interest (all of the account) of the IRA as his/her own IRA. Under the single life expectancy, if your spouse is your only designated beneficiary on the determination date, or if there are multiple designated beneficiaries and separate accounting applies, he/she will use his/her age each year to determine the life expectancy divisor for calculating that year's RMD. If your spouse is the only designated beneficiary, or if there are multiple designated beneficiaries and separate accounting applies, and you die before your RBD, your surviving spouse can postpone commencement of his/her RMDs until the end of the year in which you would have attained age 70 1/272. If you die on or after your RBD, your surviving spouse will use the longer of his/her single life expectancy, determined each year after the year of death year using his/her attained age, or your remaining single life expectancy determined in your year of death year and reduced by one each subsequent year. If your spouse chooses the ten-year rule, he/she is required to remove all assets from the IRA by December 31 of the tenth year following the year of your death. If your spouse is the only designated beneficiary, or if there are multiple designated beneficiaries and separate accounting applies, he/she can treat your SIMPLE IRA as his/her own SIMPLE IRA after your deathdeath even if he/she had chosen one of the options above. This generally happens after any of your remaining RMD amount for the year of your death has been distributed. Your spouse beneficiary could can take a distribution of part or all of his/her share of your SIMPLE IRA and roll it over to an IRA of his/her own, less that year's RMD.

Spouse Beneficiary. If your spouse is your only designated beneficiary on the determination date, or if there are multiple designated beneficiaries and separate accounting applies, he/she will use his/her age each year to determine the life expectancy divisor for calculating that year's RMD. If your spouse is the only designated beneficiary, or if there are multiple designated beneficiaries and separate accounting applies, and you die before your RBD, your surviving spouse can postpone commencement of his/her RMDs until the end of the year in which you would have attained age 70 1/2. If you die on or after your RBD, your surviving spouse will use the longer of his/her single life expectancy, determined each year after the death year using his/her attained age, or your remaining single life expectancy determined in your death year and reduced by one each subsequent year. If your spouse is the only designated beneficiary, or if there are multiple designated beneficiaries and separate accounting applies, he/she can treat your SIMPLE IRA as his/her own SIMPLE IRA after your death. This generally happens after any of your remaining RMD amount for the year of your death has been distributed. Your spouse beneficiary could take a distribution of his/her share of your SIMPLE IRA and roll it over to an IRA of his/her own.