Sentences with phrase «plan beneficiaries in»

The PBA / PPSA deemed trust priority is critically important for the Sears Canada Plan beneficiaries in the circumstances of Sears Canada's CCAA proceedings and future competing claims of other creditors.

There is, however, a special tax provision that allows an individual to make an election to gift up to $ 65,000 in 2012 to a single 529 plan beneficiary in one year and treat the gift as a series of five equal annual gifts.

Not exact matches

Other measures include: • remove rule limiting Child Tax Credit (CTC) to one claimant per household (to allow two or more families sharing a house to claim the CTC); • repeal $ 10,000 cap on medical expense tax credit claims made on medical costs incurred for an eligible dependent; • easier access to funds in Registered Disability Savings Plans for beneficiaries with shortened life spans; • improved Employment Insurance benefits to parents of gravely ill, murdered, or missing children; and • enhanced ability to make transfers between individual RESPs, and better access to RESP funds for post-secondary students studying outside Canada.

With the reform plan aimed at spurring activity domestically, companies that do more business in the U.S. should be prime beneficiaries.

To do so, you'll need to know which 529 plan the recipient uses and, in some cases, the beneficiary's social security number.

He also supported a robust pension reform plan in 2011 that raised the retirement age and eliminated cost - of - living adjustments for beneficiaries.

These regulations would affect participants in, beneficiaries of, employers maintaining, and administrators of tax - qualified plans that contain cash or deferred arrangements or provide for matching contributions or employee contributions.

One area of focus may be Medicare; both companies are significant players in offering prescription drug plans to Medicare beneficiaries.

«A ruling by a Louisiana appeals court recently stated that the entire death benefit from a single premium annuity plan paid to the beneficiary named in that plan was subject to inheritance tax because it was part of the deceased annuity owner's estate,» says annuities specialist Steven Hart.

There appears to have been an assumption that this disclosure is required, because these funds constitute «Designated Investment Alternatives,» a term defined by the applicable disclosure regulations as «an investment alternative designated by the plan into which participants and beneficiaries may direct the investment of assets held in, or contributed to, their individual accounts.»

Avoid this problem by making sure your retirement plan beneficiaries and the designations listed in your will are in agreement.

The lifetime contribution limits are generous, typically about $ 200,000 to $ 350,000 per beneficiary.1 The plans are state - sponsored, but you can participate in any state's plan and use the savings for post-secondary institutions, including art institutes, community colleges and vocational schools, in any state.

Substantial maximum contributions are permitted (over $ 300,000 per beneficiary in many state plans) and, generally, there are no income limitations or age restrictions

More than one third of the future Social Security beneficiaries (ages 45 - 64) questioned in a recent AARP ® / Financial Planning Association ® (FPA ®) survey * expect their benefit to make up more than half of their retirement income.

Iowa: Residents have until April 30 to make contributions to their in - state 529 plans, up to $ 3,239 per beneficiary.

With the recognition that estate planning is a cooperative task, the Council started as, and continues to be, a carefully selected group of qualified specialists in their own fields who have the necessary knowledge and experience to accomplish the broad goal of estate planning for the best interest of the client and his or her beneficiaries.

If you are not a taxpayer of the state offering the plan, consider before investing whether your or the designated beneficiary's home state offers any state tax or other benefits that are only available for investments in such state's qualified tuition program.

Specifically, individuals can make a lump - sum gift to a 529 plan of up to $ 65,000 ($ 130,000 for married couples) and avoid gift tax, provided the gift is treated as having been made in equal installments over a five - year period and no other gifts are made to that beneficiary during the five years.

Simply contact your plan administrator for a change in beneficiary form.

Learn more about naming the Foundation as a beneficiary in a will, a retirement plan, trust or financial account.

The reduction in traffic may benefit drivers hoping to avoid being stuck at a virtual standstill, but the biggest beneficiary of the plan may be straphangers.

A report from FPI and Citizen Action New York finds that a privatized Medicare plan is costing taxpayers $ 709 million in overpayments for New York alone — and NY beneficiaries paid $ 35 million in extra premiums.

Also, while Medicare is a supplement to Social Security, it is the primary health insurer for its beneficiaries, which is in turn supplemented by private supplemental health insurance plans.

According to a press statement on Saturday by Director of Media, Ooni's Palace, Comrade Moses Olafare who spoke on behalf of the planning committee, the Ooni Annual International Leadership Symposium is designed to hold annually in commemoration of the Ooni's birthday with view to providing the youths and other beneficiaries of his numerous empowerment schemes to showcase their success stories.

As part of the last - minute scramble to ensure the 216 votes needed to pass the measure in a vote planned for Thursday, New York Reps. Chris Collins and John Faso brokered a change to transfer more of the burden of caring for Medicaid beneficiaries from counties to the state of New York — a move that could ensure that the majority of Republicans in New York's nine - member GOP House delegation ultimately back the bill.

The governor also urged other governors in the South West to look beyond party politics and ask questions as to the beneficiaries, repayment and what the South West stand to gain from the $ 1billion Euro bond the federal government is planning to obtain.

A careful assessment of skills, rigorous recruitment of trustees and appropriate training will result in a school board that is equipped to deal with the challenges facing modern schools, leading to a more stable, well ‑ planned school environment for the ultimate beneficiaries, the students, to achieve educational success.

An eligible rollover distribution on behalf of the surviving spouse or beneficiary of a deceased participant whereby all accrued benefits, plus interest and investment earnings, are paid from the deceased participant's account directly to an eligible retirement plan, as described in s. 402 (c)(8)(B) of the Internal Revenue Code, on behalf of the surviving spouse;

Achievement First, the same company that is the single biggest beneficiary of Governor's Malloy's «education reform» plan here in Connecticut.

To qualify, the entire account must be payed out to the beneficiary in one tax year, the plan must be an employer plan and the beneficiary must be have been born before January 2, 1936.

But keep in mind that there's not much tax incentive to put a large amount of investments in a child's name anyway, and one of the best ways to save for college today is a 529 plan that names the future student as the beneficiary, not the owner.

If there is no surviving joint subscriber, an RESP contract becomes part of the estate of a deceased subscriber and, if proper planning is not in place, the contract's value belongs to the residuary beneficiaries of the estate (for more on this, see «Quebec laws are different,» below).

* to administer the RESP and invest its assets for the benefit of the beneficiary (ies) until the beneficiary (ies) are eligible for Educational Assistance Payments (EAPs); * to add or change a beneficiary as the trustee considers appropriate and if allowed by law; * to direct EAPs and to use refunds of contributions to assist financially with the post-secondary education of an eligible RESP beneficiary, at the times, in the amounts, and in the manner that the trustee considers appropriate; * to maximize use of CESGs when making EAPs; * to wind up the trust when all RESP assets are depleted or, if there are remaining assets, to only wind up the trust when: * the post-secondary education of the RESP beneficiary (ies) is complete; * the maximum life of the plan, as specified by law, has been reached; or * all the RESP beneficiaries have died; and:

With so many options to consider when it comes to investing in these plans, it's important to consult your financial advisor to discuss your needs and learn how the right 529 plan can help the beneficiary pursue their college savings goals.

In fact, the final required minimum distribution (RMD) regulations state, «A designated beneficiary need not be specified by name in the plan... in order to be a designated beneficiary so long as the individual who is to be the beneficiary is identifiable...» [Treas. ReIn fact, the final required minimum distribution (RMD) regulations state, «A designated beneficiary need not be specified by name in the plan... in order to be a designated beneficiary so long as the individual who is to be the beneficiary is identifiable...» [Treas. Rein the plan... in order to be a designated beneficiary so long as the individual who is to be the beneficiary is identifiable...» [Treas. Rein order to be a designated beneficiary so long as the individual who is to be the beneficiary is identifiable...» [Treas. Reg.

Change the Beneficiary to a Member of the Family of the current Beneficiary as defined in the College Investment Plan Disclosure Statement.

If you name the trust as beneficiary at your death, the plan will lose the tax deferment treatment upon the transfer, but the trustee will be able to distribute the plan proceeds according to the terms set out in your living trust.

A 529 plan is set up in a specific beneficiary's name but the money can be rolled over or transferred into another 529 plan in the same beneficiary's name, or the beneficiary can be changed by the owner of the account.

A change in the benefits under the plan for the active employees will also apply to qualified beneficiaries.

While RESP rules were somewhat restrictive in the early days (if a child chose not to go on to higher education, some of the grant and growth in the plan had to be repaid) over the years, reforms have made it easier to designate alternate beneficiaries or roll RESP funds into a parent's RRSP.

The retirement plan should be beneficiary of the the annuity contract so that in the event of death, the death benefit will be distributed according to the terms of the retirement plan.

Ask your plan provider for instructions if you are interested in distributing money directly to the beneficiary.

In that case, while these 529 savings are not reported as a student asset on the Free Application for Federal Student Aid (FAFSA), any distribution from this 529 plan is reported as income to the beneficiary, potentially resulting in a significant reduction in eligibility for need - based aid the following yeaIn that case, while these 529 savings are not reported as a student asset on the Free Application for Federal Student Aid (FAFSA), any distribution from this 529 plan is reported as income to the beneficiary, potentially resulting in a significant reduction in eligibility for need - based aid the following yeain a significant reduction in eligibility for need - based aid the following yeain eligibility for need - based aid the following year.

In addition, you can take distributions for room and board, as long as the beneficiary of the plan is attending the school at least part time.

With a 529 plan, you could give $ 75,000 per beneficiary in a single year and treat it as if you were giving that lump sum over a 5 - year period.3 This approach can help an investor potentially make very large 529 plan contributions without eating into his or her lifetime gift - tax exclusion.

- the Roth IRA investor must be 59 and 1/2 years or older at the time of the distribution - the Roth IRA investor becomes disabled at the time of taking the distributions - the Roth IRA investor dies and his / her beneficiary receives the assets contained in the plan - the distributions taken from the Roth IRA will be used in the purchase or building of a new home for the Roth IRA holder or qualified family member.

You spend countless hours researching the best life insurance companies, narrowing down your select few and the right policy, only to have all your careful planning go up in smoke due to a failure to properly designate your beneficiary or failing to update your policy.The following article will address the various concerns with naming different life insurance beneficiaries that you need to be aware of to avoid sabotaging your legacy.

In some plans, the responsible party - almost always the beneficiary's parent or guardian - oversees the account as long as it exists.

Once invested in a particular investment option, contributions and any earnings may be transferred to another investment option twice per calendar year or upon a transfer of funds to an MESP account for a different eligible beneficiary (see the Plan Disclosure Booklet for more information).

You are permitted to transfer funds from another 529 college savings plan to an account in Michigan Education Savings Program (MESP) for the same beneficiary once within a 12 - month period without incurring federal income tax.