Common use of Restrictions on the Fund Clause in Contracts

Restrictions on the Fund. Neither you nor any successor beneficiary may sell, transfer, or pledge any interest in your inherited ▇▇▇▇ ▇▇▇ in any manner whatsoever, except as provided by law or this agreement. The assets in your inherited ▇▇▇▇ ▇▇▇ will not be responsible for the Form 5305-RA is a model custodial account agreement that meets the requirements of section 408A and has been pre-approved by the IRS. A ▇▇▇▇ individual retirement account (▇▇▇▇ ▇▇▇) is established after the form is fully executed by both the individual (depositor) and the custodian. This account must be created in the United States for the exclusive benefit of the depositor and his or her beneficiaries. Unlike contributions to Traditional individual retirement arrangements, contributions to a ▇▇▇▇ ▇▇▇ are not deductible from the depositor’s gross income; and distributions after 5 years that are made when the depositor is 59½ years of age or older or on account of death, disability, or the purchase of a home by a first-time homebuyer (limited to $10,000), are not includible in gross income. For more information on ▇▇▇▇ IRAs, including the required disclosures the custodian must give the depositor, see Pub. 590, Individual Retirement Arrangements (IRAs).