Ownership Transfers. As an Account Owner, you may transfer ownership of an Account, without penalty, to another individual or entity to be the Account Owner in the Plan. A transfer of ownership of an Account does not require a change of the Beneficiary. A transfer of ownership of an Account will only be effective if it is irrevocable and transfers all rights, title, interest and power over the Account. A change in ownership of an Account may have negative income or gift tax consequences, so contact your tax advisor before transferring ownership of an Account. To transfer ownership of an Account, complete and submit the requisite online form to Wealthfront or contact Wealthfront at ▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇.▇▇▇ or 844-995- 8437. You, except for you in your capacity as trustee of a trust, may designate a successor Account Owner (to the extent permissible under applicable law) to succeed to all of your rights, title, and interest in an Account (including, without limitation, the right to change the Beneficiary) upon your death. Such designation must either be on the original Account Application or submitted separately online. A successor Account Owner designation is not effective until it is received in Good Order by Wealthfront and processed by the Program Manager. You may revoke or change the designation of a successor Account Owner at any time by completing and submitting the requisite online form to Wealthfront or contacting Wealthfront at ▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇.▇▇▇ or 844 995- 8437. Please review ▇▇▇.▇▇▇▇▇▇▇▇▇▇▇.▇▇▇/▇▇▇ or contact Wealthfront at ▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇.▇▇▇ or 844-995-8437 for information needed to complete the change of ownership upon succession. You should consult a tax advisor regarding tax issues that might arise on a transfer of Account Ownership by succession. Section 529 generally allows for changes of the Beneficiary without adverse federal income tax consequences, as long as the new Beneficiary is a Member of the Family of the current Beneficiary. In addition, the proposed IRS regulations provide that no federal gift tax or generation-skipping transfer tax will result, as long as the new Beneficiary is of the same generation as the current Beneficiary. Any change of the Beneficiary to a person who is not a Member of the Family of the current Beneficiary is treated as a non-qualified withdrawal subject to applicable federal and state income taxes, as well as the additional 10% federal tax on earnings. To initiate a change of Beneficiary, you may do so online at ▇▇▇.▇▇▇▇▇▇▇▇▇▇▇.▇▇▇/▇▇▇. The change will be made upon the Plan’s receipt of the request in Good Order. The Plan reserves the right to suspend the processing of Beneficiary transfers if it suspects that such transfers are intended to avoid the Plan’s Risk Score change limits. There is no fee or charge for changing a Beneficiary. Upon a change in the Beneficiary, assets will be invested in accordance with the allocations of the Glide Path on an Account as determined by your Risk Score and the new Beneficiary’s Expected Matriculation Date. You may change your Risk Score when changing the Beneficiary for an Account. The change may result in a loss in the value of the Account depending on market fluctuations during the time of the change. Neither an Account nor any portion thereof may be assigned, transferred or pledged as security for a loan (including, but not limited to, a loan used to make contributions to the Account) or otherwise by either you or the Beneficiary, except for changes of Beneficiary, qualified rollovers, as described below, and the transfer of Account Ownership to a successor Account Owner. Any pledge of an interest in an Account will be of no force and effect. In addition to rights expressly stated elsewhere in this Plan Description, the Plan reserves the right to: • freeze an Account and/or suspend Account services when the Plan has received reasonable notice of a dispute regarding the assets in an Account, including notice of a dispute in Account ownership or when the Plan reasonably believes a fraudulent transaction may occur or has occurred; • freeze an Account and/or suspend Account services upon the notification to the Plan of the death of an Account Owner until the Plan receives required documentation in Good Order and reasonably believes that it is lawful to transfer Account ownership to the successor Account Owner; • redeem an Account, without the Account Owner’s permission, in cases of threatening conduct or suspicious, fraudulent or illegal activity; and • reject a contribution for any reason, including contributions for the Plan that the Program Manager, Wealthfront or the Board believe are not in the best interests of the Plan, a Designated Portfolio or the Account Owners. The risk of market loss, tax implications, penalties, and any other expenses, as a result of such an Account freeze or redemption will be solely the Account Owner’s responsibility.
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Sources: Wealthfront College Savings Plan Description and Participation Agreement
Ownership Transfers. As an Account Owner, you may transfer ownership of an Account, without penalty, to another individual or entity to be the Account Owner in the Plan. A transfer of ownership of an Account does not require a change of the Beneficiary. A transfer of ownership of an Account will only be effective if it is irrevocable and transfers all rights, title, interest and power over the Account. A change in ownership of an Account may have negative income or gift tax consequences, so contact your tax advisor before transferring ownership of an Account. To transfer ownership of an Account, complete and submit the requisite online form to Wealthfront or contact Wealthfront at ▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇.▇▇▇ or 844-995- 995-8437. You, except for you in your capacity as trustee Designation of a trust, Successor Account Owner You may designate a successor Account Owner (not applicable to trust accounts), to the extent permissible under applicable law) , to succeed to all of your rights, title, and interest in an Account (including, without limitation, the right to change the Beneficiary) upon your death. Such designation must either be on the original Account Application or submitted separately online. A successor Account Owner designation is not effective until it is received in Good Order by Wealthfront and processed by the Program Manager. You may revoke or change the designation of a successor Account Owner at any time by completing and submitting the requisite online form to Wealthfront or contacting Wealthfront at ▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇.▇▇▇ or 844 995- 995-8437. Please review ▇▇▇.▇▇▇▇▇▇▇▇▇▇▇.▇▇▇/▇▇▇ or contact Wealthfront at ▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇.▇▇▇ or 844-995-8437 for information needed to complete the change of ownership upon succession. You should consult a tax advisor regarding tax issues that might arise on a transfer of Account Ownership by succession. Section 529 generally allows for changes of the Beneficiary without adverse federal income tax consequences, as long as the new Beneficiary is a Member of the Family of the current Beneficiary. In addition, the proposed IRS regulations provide that no federal gift tax or generation-skipping transfer tax will result, as long as the new Beneficiary is of the same generation as the current Beneficiary. Any change of the Beneficiary to a person who is not a Member of the Family of the current Beneficiary is treated as a non-qualified withdrawal subject to applicable federal and state income taxes, as well as the additional 10% federal tax on earnings. To initiate a change of Beneficiary, you may do so online at ▇▇▇.▇▇▇▇▇▇▇▇▇▇▇.▇▇▇/▇▇▇. The change will be made upon the Plan’s receipt of the request in Good Order. The Plan reserves the right to suspend the processing of Beneficiary transfers if it suspects that such transfers are intended to avoid the Plan’s Risk Score change limits. There is no fee or charge for changing a Beneficiary. Upon a change in the Beneficiary, assets will be invested in accordance with the allocations of the Glide Path on an Account as determined by your Risk Score and the new Beneficiary’s Expected Matriculation Date. You may change your Risk Score when changing the Beneficiary for an Account. The change may result in a loss in the value of the Account depending on market fluctuations during the time of the change. Neither an Account nor any portion thereof may be assigned, transferred or pledged as security for a loan (including, but not limited to, a loan used to make contributions to the Account) or otherwise by either you or the Beneficiary, except for changes of Beneficiary, qualified rollovers, as described below, and the transfer of Account Ownership to a successor Account Owner. Any pledge of an interest in an Account will be of no force and effect. In addition to rights expressly stated elsewhere in this Plan Description, the Plan reserves the right to: • freeze an Account and/or suspend Account services when the Plan has received reasonable notice of a dispute regarding the assets in an Account, including notice of a dispute in Account ownership or when the Plan reasonably believes a fraudulent transaction may occur or has occurred; • freeze an Account and/or suspend Account services upon the notification to the Plan of the death of an Account Owner until the Plan receives required documentation in Good Order and reasonably believes that it is lawful to transfer Account ownership to the successor Account Owner; • redeem an Account, without the Account Owner’s permission, in cases of threatening conduct or suspicious, fraudulent or illegal activity; and • reject a contribution for any reason, including contributions for the Plan that the Program Manager, Wealthfront or the Board believe are not in the best interests of the Plan, a Designated Portfolio or the Account Owners. The risk of market loss, tax implications, penalties, and any other expenses, as a result of such an Account freeze or redemption will be solely the Account Owner’s responsibility.
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