Beneficiary Issues Clause Samples

The 'Beneficiary Issues' clause defines how matters related to the designated recipient of benefits under an agreement are handled. It typically addresses scenarios such as changes to the beneficiary, the process for notifying the parties of such changes, and the rights or limitations of beneficiaries in relation to the contract. For example, it may specify whether a beneficiary can be changed unilaterally or requires mutual consent, and what documentation is needed. This clause ensures clarity and prevents disputes by outlining the procedures and rights associated with beneficiaries, thereby safeguarding the interests of all parties involved.
Beneficiary Issues. If you die and your beneficiary is your spouse, your HSA (or the relevant portion thereof) will become your spouse’s HSA as of the date of your death. If your beneficiary is not your spouse, the HSA (or the relevant portion thereof) will cease to be an HSA as of the date of your death. If the beneficiary is your estate, the fair market value of the account as of your date of death is taxable on your final tax return. For other beneficiaries, the fair market value of the account is taxable to that beneficiary in the tax year that includes the date of death.
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Beneficiary Issues. If you die and your beneficiary is your spouse, your HSA shall become your spouse’s HSA as of the date of your death. If your beneficiary is not your spouse, the value of your HSA on your date of death will be taxable to your beneficiary in the year you die.
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Beneficiary Issues. If you die and your beneficiary is your spouse, your HSA shall become your spouse’s HSA as of the date of your death. Your spouse is subject to income tax only to the extent distributions from your HSA are not used for qualified medical expenses. If your beneficiary is not your spouse, the account ceases to be an HSA and the value of your HSA on your date of death will be taxable to your beneficiary in the year you die. Limitations & Restrictions A. Deduction of Rollovers and Transfers: A deduction is not allowed for roll- over or transfer contributions. B. Special Tax Treatment: Capital gains treatment and the favorable five or ten- year forward averaging tax authorized by IRC Section 402 does not apply to HSA distributions.
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Beneficiary Issues. If you die and your beneficiary is your spouse, your HSA (or the relevant portion thereof) will become your spouse’s HSA as of the date of your death. If your beneficiary is not your spouse, the HSA (or the relevant portion thereof) will cease to be an HSA as of the date of your death.
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Related to Beneficiary Issues

  • Beneficiary The Participant may file with the Committee a written designation of a beneficiary on such form as may be prescribed by the Committee and may, from time to time, amend or revoke such designation.

  • Beneficiary Designations The Executive shall designate a beneficiary by filing a written designation with the Company. The Executive may revoke or modify the designation at any time by filing a new designation. However, designations will only be effective if signed by the Executive and accepted by the Company during the Executive's lifetime. The Executive's beneficiary designation shall be deemed automatically revoked if the beneficiary predeceases the Executive, or if the Executive names a spouse as beneficiary and the marriage is subsequently dissolved. If the Executive dies without a valid beneficiary designation, all payments shall be made to the Executive's estate.

  • Annuity 24.1 If the policy schedule states that the insured amount is a surviving dependant's annuity within the meaning of Section 3.125(1)(b) of the Income Tax Act 2001, this article shall apply. a. The entitlement to an annuity payment cannot be surrendered, disposed of, divulged or used as security and, in general, no legal action can be taken with regard to this insurance that may lead the tax authorities to take back the premium deduction they received for this insurance in the past. b. The insurer shall be held liable by law for the payment of the wage and income tax and revision interest owed by the policyholder or the person entitled to an annuity as soon as a circumstance referred to under point a arises. c. The insurer will then be entitled to set off the amount of the maximum wage and income tax and revision interest due against the value of the insured annuity(s), irrespective of whether these are paid out or not.

  • Beneficiary Rights If the Traditional IRA Owner dies before his or her entire interest is distributed to him or her, the entire remaining interest will be distributed as follows.

  • How do the RMD Rules Impact my Designated Beneficiary or Beneficiaries The RMD rules provide for the determination of your designated beneficiary or beneficiaries as of September 30 of the year following your death. Consequently, any beneficiary may be eliminated for purposes of calculating the RMD by the distribution of that beneficiary’s benefit, through a valid disclaimer between your death and the end of September following the year of your death, or by dividing your IRA account into separate accounts for each of several designated beneficiaries you may have designated.