Change of Account Owner Sample Clauses

Change of Account Owner. (a) The Account Owner of an Account may be changed by submitting a Request.
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Change of Account Owner. Neither federal gift tax nor the federal GST tax applies to a change of Account Owner if the new Account Owner is both an Eligible Individual and a Member of the Family of the Account Owner. The previous sentence does not apply to any other change of Account Owner.
Change of Account Owner. A change in the Account Owner of an Account is treated as an Outgoing Rollover, not a Non-Qualified Withdrawal, if the new Account Owner is a Sibling of the former Account Owner and an Eligible Individual. However, if the new Account Owner is not an Eligible Individual and a Sibling of the former Account Owner, the change is treated as a Non-Qualified Withdrawal by the former Account Owner. A change in the Account Owner or a transfer to an Account for the new Account Owner may have federal gift tax or Generation-Skipping Transfer (GST) tax consequences. Gift Tax and GST Tax. For federal gift and Generation-Skipping Transfer tax purposes, contributions to an Account by an Account Owner are not considered to be completed gifts because an individual cannot make a transfer of property to himself or herself, and a transfer of property is a fundamental requirement for a completed gift. However, contributions to an Account by persons other than the Account Owner are considered a completed gift from the contributor to the Account Owner and are eligible for the annual gift tax exclusion. Contributions that qualify for the gift tax annual exclusion are generally also excludible for purposes of the federal Generation-Skipping Transfer tax. A donor’s total contributions to an Account for an Account Owner in any given year (together with any other gifts made by the donor to that Account Owner in the year) will not be considered taxable gifts and will generally be excludible for purposes of the Generation- Skipping Transfer tax if the gifts do not in total exceed the annual exclusion for the year. Currently, the annual exclusion is $15,000 per donee (i.e., the person receiving the gift). This means that in each calendar year, you may contribute up to the amount of the annual exclusion to an Account without the contribution being considered a taxable gift, provided you make no other gifts to the Account Owner in the same calendar year. The annual exclusion is indexed for inflation and therefore is expected to increase over time.
Change of Account Owner. You can transfer ownership of the Account to another Eligible Individual who is also a Sibling of the Account Owner, subject to the rules and risks stated herein. You may transfer ownership during the Account Owner’s lifetime, or you can designate a Successor Account Owner to take over the Account balance upon the Account Owner’s death. This section addresses the general rules surrounding changes of Account Owner. Because transfer of ownership is limited to an Eligible Individual who is a Sibling, the Sibling may move assets from one Investment Option to another up to two times per year, regardless of whether the prior Account Owner had already done so that same year. The Sibling may also contribute up to the full Annual Contribution Limit, regardless of whether any contributions were made by the prior Account Owner.
Change of Account Owner. A change in the Account Owner of an account is not treated as a distribution if the new Account Owner is an Eligible Individual and a Member of the Family of the former Account Owner. However, if the new Account Owner is not an Eligible Individual and a Member of the Family of the former Account Owner, the change is treated as a Non-Qualified Withdrawal by the former Account Owner. A change in the Account Owner of an account or a transfer to an account for the new Account Owner may have federal gift tax or GST tax consequences.

Related to Change of Account Owner

  • Change of business The Company shall procure that no substantial change is made to the general nature of the business of the Company or the Group from that carried on at the date of this Agreement.

  • CHANGE OF T-PIN The Account Holder may change his T-PIN from time to time in accordance with the Bank’s prescribed procedure then prevailing. The Bank shall be entitled, in its reasonable discretion but without liability and without giving any reason, to reject any selection made by the Account Holder as his substituted T-PIN; if the Bank so approves, such substituted T-PIN, shall take effect from the time of receipt by the Bank of such instructions from the Account Holder. The Account Holder shall take all steps not to select such numbers as a substitute T-PIN which may easily be ascertained or otherwise facilitate fraud or forgery.

  • Change of card account number (a) We may at your request or at any time without incurring any liability or giving any reason, and upon giving you notice, change your card account number; and issue a replacement card; and transfer the total outstanding balance and all credits (if any) from your original card account to the new card account. After we have given you such notice, you must immediately return to us the card cut in half.

  • TERMINATION OF CARD ACCOUNT 10.1 Your option to terminate You may terminate your card account if you:-

  • Account Ownership Based upon the type of account ownership that you have designated; the following terms and conditions apply.

  • Automatic transfer to new card account If you are issued with a replacement card with a different card number, you will need to re-establish any recurring payment instructions you have with your respective billing organization(s) to avoid any disruption to your bill payments and/or lapses in your policies (where applicable) and we will not be liable for any loss or damages incurred by you in connection with your failure to do such update. Further, if your recurring payment instruction is with a Specified Organisation named in xxxx://xxxxxxxx.xxx.xx/recurringmerchants, you agree that we may, but are not obliged to, automatically charge your bills to such replacement card.

  • Change of Carrier It is understood that the Employer may at any time substitute another carrier for any Plan (other than OHIP) provided the benefits are equivalent and are neither reduced or increased. The Employer shall provide to the Union full specifications of the benefit programs contracted for before implementation of any change.

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