Guidance To Trustee In The Matter Of Distributions Sample Clauses

Guidance To Trustee In The Matter Of Distributions. Without limiting the absolute discretion conferred upon the Trustee with respect to the Special Needs Share or modifying the requirements of the Trustee with respect to the Medicare Set Aside Share, Settlor intends that the Trustee be authorized to pay or apply so much of the net income of the Trust Estate received from any source for the benefit of **BENEFICIARY NAME** as Trustee shall deem appropriate so as to result in the highest quality of life possible for **BENEFICIARY NAME**. If the net income of the Trust shall be insufficient for this purpose, Trustee may pay or apply so much of the principal of the Trust Estate, unto its complete exhaustion, in pursuit of the highest quality of life possible for Beneficiary. However, no expenditures shall be made for any property, service or expense that could, in the absence of such expenditure, be provided by governmental or private programs, benefits or insurance, including without limitation Medicaid and Social Security Supplemental Security Income benefits which are known to the Trustee, unless Trustee in the exercise of Trustee’s sole and absolute discretion shall determine that the adverse effect resulting from any such expenditure or distribution, from the Trust such as the loss of eligibility for particular program benefits, is outweighed by the benefit of the expenditure or distribution to **BENEFICIARY NAME**. The Trust Estate should ordinarily not be used to provide basic food and shelter, nor be available to **BENEFICIARY NAME** for conversion for such items, unless all local, state and federal benefits to which he is eligible have been received and applied for those purposes. Subject to the foregoing considerations and limitations, Trustee in Trustee’s absolute and sole discretion, may make disbursements from the Trust Estate for the following expenses, among others:
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Related to Guidance To Trustee In The Matter Of Distributions

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  • How Are Distributions from a Xxxx XXX Taxed for Federal Income Tax Purposes Amounts distributed to you are generally excludable from your gross income if they (i) are paid after you attain age 59½, (ii) are made to your beneficiary after your death, (iii) are attributable to your becoming disabled, (iv) subject to various limits, the distribution is used to purchase a first home or, in limited cases, a second or subsequent home for you, your spouse, or you or your spouse’s grandchild or ancestor, or (v) are rolled over to another Xxxx XXX. Regardless of the foregoing, if you or your beneficiary receives a distribution within the five-taxable-year period starting with the beginning of the year to which your initial contribution to your Xxxx XXX applies, the earnings on your account are includable in taxable income. In addition, if you roll over (convert) funds to your Xxxx XXX from another individual retirement plan (such as a Traditional IRA or another Xxxx XXX into which amounts were rolled from a Traditional IRA), the portion of a distribution attributable to rolled-over amounts which exceeds the amounts taxed in connection with the conversion to a Xxxx XXX is includable in income (and subject to penalty tax) if it is distributed prior to the end of the five-tax-year period beginning with the start of the tax year during which the rollover occurred. An amount taxed in connection with a rollover is subject to a 10% penalty tax if it is distributed before the end of the five-tax-year period. As noted above, the five-year holding period requirement is measured from the beginning of the five-taxable-year period beginning with the first taxable year for which you (or your spouse) made a contribution to a Xxxx XXX on your behalf. Previously, the law required that a separate five-year holding period apply to regular Xxxx XXX contributions and to amounts contributed to a Xxxx XXX as a result of the rollover or conversion of a Traditional IRA. Even though the holding period requirement has been simplified, it may still be advisable to keep regular Xxxx XXX contributions and rollover/ conversion Xxxx XXX contributions in separate accounts. This is because amounts withdrawn from a rollover/conversion Xxxx XXX within five years of the rollover/conversion may be subject to a 10% penalty tax. As noted above, a distribution from a Xxxx XXX that complies with all of the distribution and holding period requirements is excludable from your gross income. If you receive a distribution from a Xxxx XXX that does not comply with these rules, the part of the distribution that constitutes a return of your contributions will not be included in your taxable income, and the portion that represents earnings will be includable in your income. For this purpose, certain ordering rules apply. Amounts distributed to you are treated as coming first from your non-deductible contributions. The next portion of a distribution is treated as coming from amounts which have been rolled over (converted) from any non-Xxxx IRAs in the order such amounts were rolled over. Any remaining amounts (including all earnings) are distributed last. Any portion of your distribution which does not meet the criteria for exclusion from gross income may also be subject to a 10% penalty tax. Note that to the extent a distribution would be taxable to you, neither you nor anyone else can qualify for capital gains treatment for amounts distributed from your account. Similarly, you are not entitled to the special five- or ten- year averaging rule for lump-sum distributions that may be available to persons receiving distributions from certain other types of retirement plans. Rather, the taxable portion of any distribution is taxed to you as ordinary income. Your Xxxx XXX is not subject to taxes on excess distributions or on excess amounts remaining in your account as of your date of death. You must indicate on your distribution request whether federal income taxes should be withheld on a distribution from a Xxxx XXX. If you do not make a withholding election, we will not withhold federal or state income tax. Note that, for federal tax purposes (for example, for purposes of applying the ordering rules described above), Xxxx IRAs are considered separately from Traditional IRAs.

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