Common use of Yes Clause in Contracts

Yes. If you die before receiving the balance of your Traditional IRA, distribution of your remaining account balance is subject to several special rules, depending upon the year of death and whether the beneficiary is an “eligible designated beneficiary.” An eligible designated beneficiary is a surviving spouse, a minor child, chronically ill or disabled, or anyone not listed above who is not more than 10 years younger than the original owner. In the case of a minor child, full distribution must occur within 10 years of the child attaining the age of majority. If you die on or after your required beginning date, and the death occurred in 2019 or earlier, or the beneficiary is an eligible designated beneficiary as described above, the beneficiary can stretch payments out over the longer of the beneficiary’s remaining life expectancy (using the age of the beneficiary in the year following the year of your death) or your remaining life expectancy (determined using your age in the year of your death) beginning in the year after the year of your death and reduced by 1.0 for each succeeding year. If you die in 2020 or later and the beneficiary is not a designated beneficiary, then full distribution must occur no later than 10 years after the date of death. An eligible designated beneficiary may choose the 10-year distribution option. If you die before your required beginning date, and the death occurred in 2019 or earlier, or the beneficiary is an eligible designated beneficiary as described above, your remaining interest may begin to be distributed by December 31 of the year following your death over a period not exceeding the life expectancy or expectancies of your designated beneficiary or beneficiaries. If you die in 2020 or later, and the beneficiary is not an eligible beneficiary as described above, then full distribution must occur no later than 10 years after the date of death. An eligible designated beneficiary may choose the 10-year distribution option. Two additional distribution options are available if your spouse is the beneficiary: (i) payments to your spouse may commence as late as December 31 of the year you would have attained RMD age and be distributed over a period not exceeding the life expectancy of your spouse, or (ii) your spouse can simply elect to treat your Traditional IRA as her or his own, in which case distributions will be required to commence by April 1 following the calendar year in which your spouse attains RMD age.

Yes. If you die before receiving the balance of your Traditional IRAXXX, distribution of your remaining account balance is subject to several special rules, depending upon the year of death and whether the beneficiary is an “eligible designated beneficiary.” An eligible designated beneficiary is a surviving spouse, a minor child, chronically ill or disabled, or anyone not listed above who is not more than 10 years younger than the original owner. In the case of a minor child, full distribution must occur within 10 years of the child attaining the age of majority. If you die on or after your required beginning date, and the death occurred in 2019 or earlier, or the beneficiary is an eligible designated beneficiary as described above, the beneficiary can stretch payments out over the longer of the beneficiary’s remaining life expectancy (using the age of the beneficiary in the year following the year of your death) or your remaining life expectancy (determined using your age in the year of your death) beginning in the year after the year of your death and reduced by 1.0 for each succeeding year. If you die in 2020 or later and the beneficiary is not a designated beneficiary, then full distribution must occur no later than 10 years after the date of death. An eligible designated beneficiary may choose the 10-year distribution option. If you die before your required beginning date, and the death occurred in 2019 or earlier, or the beneficiary is an eligible designated beneficiary as described above, your remaining interest may begin to be distributed by December 31 of the year following your death over a period not exceeding the life expectancy or expectancies of your designated beneficiary or beneficiaries. If you die in 2020 or later, and the beneficiary is not an eligible beneficiary as described above, then full distribution must occur no later than 10 years after the date of death. An eligible designated beneficiary may choose the 10-year distribution option. Two additional distribution options are available if your spouse is the beneficiary: (i) payments to your spouse may commence as late as December 31 of the year you would have attained RMD age and be distributed over a period not exceeding the life expectancy of your spouse, or (ii) your spouse can simply elect to treat your Traditional IRA XXX as her or his own, in which case distributions will be required to commence by April 1 following the calendar year in which your spouse attains RMD age.

Yes. If you die before receiving the balance of your Traditional IRA, distribution of your remaining account balance is subject to several special rules, depending upon the year of death and whether the beneficiary is an “eligible designated beneficiary.” An eligible designated beneficiary is a surviving spouse, a minor child, chronically ill or disabled, or anyone not listed above who is not more than 10 years younger than the original owner. In the case of a minor childminorchild, full distribution must occur within 10 years of the child attaining the age of majority. If you die on or after your afteryour required beginning date, and the death occurred in 2019 in2019 or earlier, or the beneficiary is an eligible designated beneficiary as described above, the beneficiary can stretch payments out over the longer of the beneficiary’s remaining life expectancy (using the age of the beneficiary in the year following the year of your death) or your remaining life expectancy (determined using your age in the year of your death) beginning in the year after the year of your death and reduced by 1.0 for each succeeding year. If you die in 2020 or later and the beneficiary is not a designated beneficiary, then full distribution must occur no later than 10 years after the date of death. An eligible designated beneficiary may choose the 10-year distribution option. If you die before your required beginning date, and the death occurred in 2019 or earlier, or the beneficiary is an eligible designated beneficiary as described above, your remaining interest may begin to be distributed by December 31 of the year following your death over a period not exceeding the life expectancy or expectancies of your designated beneficiary or beneficiaries. If you die in 2020 or later, and the beneficiary is not an eligible beneficiary as described above, then full distribution must occur no later than 10 years after the date of death. An eligible designated beneficiary may choose the 10-year distribution option. Two additional distribution options are available if your spouse is the beneficiary: (i) payments to your spouse may commence as late as December 31 of the year you would have attained RMD age and be distributed over a period not exceeding the life expectancy of your spouse, or (ii) your spouse can simply elect to treat your Traditional IRA as her or his own, in which case distributions will be required to commence by April 1 following the calendar year in which your spouse attains RMD age.