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 your death, whether the beneficiary is an “eligible designated beneficiary,” and whether you died before or on or after your required begin date. Your required begin date is April 1 of the year after you reach RMD age. 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, then full distribution must occur within 10 years of the child attaining the age of majority. If you die on or after your required begin 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