Inherited IRA Election Terms and Disclosures
As noted in the Inherited IRA Election Form (IEF). By submitting an IEF, the submitter agrees to the following terms.
Terms:
ON CURRENT INHERITED IRA ELECTION: I certify that I am the Inherited IRA account holder or individual legally authorized to complete this form. I certify the accuracy of the information set forth in this form. I agree to provide the Custodian, New Direction Trust Company (NDTCO), with a copy of the original deceased IRA owner’s or plan participant’s death certificate and any other applicable documents, as requested. I understand that I am responsible for calculating any required minimum distribution and for any consequences based upon the election made above. I agree to indemnify and hold the NDTCO harmless from any resulting liabilities that may occur because of their reliance on my representations. I acknowledge NDTCO, as a non-fiduciary, cannot provide and has not provided me with tax or legal advice. I have been advised to seek the advice of a tax or legal professional.
INTERNAL TRANSFER: I agree to provide NDTCO with a copy of the decedent’s, IRA owner’s plan or plan participant’s; death certificate, order closing probate (OCP), or any other certified applicable court order, that may vest such authority to request specific custodial assets held in the Transferor’s custodial account, or any percentages of any specific custodial assets. I certify that I have the legal authority either by the Transferor’s designation of me as a beneficiary of the account holder, by the direction of a certified copy of a, Power of Attorney, OCP, or other court order, that specifically references the Transferor’s account which vests such authority to direct NDTCO to transfer either specific custodial assets or any percentages of any specific custodial assets held within the Transferor’s custodial account. I understand and acknowledge that when a certified copy of a,OCP, or any other certified court order, conflicts with the preceding directives given by the Transferor relating to the distribution of their custodial assets or any percentages of ownership in specific custodial assets, that said document will control and NDTCO will defer to the direction found in the above-listed documents when distributing custodial assets or percentages of ownership in the custodial assets found in the Transferor’s account. I understand and acknowledge that this account is subject to all applicable IRS rules , and as such I agree to be solely responsible for calculating any required minimum distribution and for any consequences based upon the election I have made. I agree to indemnify and hold NDTCO harmless from any resulting liabilities based on my election. I understand and acknowledge that in processing this transaction NDTCO is only acting as the administrator of my custodial account, and nothing will be construed as conferring fiduciary status on NDTCO. I agree to indemnify and hold harmless NDTCO from any and all claims, damages, liability, actions, costs, expenses including but not limited to reasonable attorney fees, and any loss to my account because of any action taken in connection with my direction or resulting from NDTCO serving as the custodian. I understand and acknowledge that NDTCO, in its role as a custodian for this asset, cannot and has not provided any tax or legal advice related to my request, and I have been advised to seek the guidance of a trusted tax advisor or attorney when necessary.
DEPOSITORY ACKNOWLEDGEMENT: I acknowledge that I have elected to store my self-directed IRA precious metals investment with the depository the decedent used unless I provide other instructions within 30 days. The storage fee will be payable at the time of movement to my depository account and billed annually. Depository storage fees may be paid from the cash balance in my IRA, provided that there are sufficient undirected funds in the account. Alternatively, I may choose to pay depository storage fees via credit card, or a check made payable to NDTCO.
I understand and agree that there are numerous depositories that specialize in the storage and safekeeping of precious metals. I understand that NDTCO is not and cannot be held responsible for the actions of these depositories and I hereby release and hold harmless custodian from any damages or losses that I may incur with respect to my choice of depository and any activities or lack of activities on the part of my chosen depository.
Inherited IRA Election Non-Person
Terms:
NDTCO does not open Inherited IRAs for Non-Person Beneficiaries. A distribution from the decedent's account may result in tax ramifications for the beneficiary. I certify I am the individual legally authorized to complete this form. I certify the accuracy of the information set forth in this form. I agree to provide the Custodian, New Direction Trust Company, with a copy of the original deceased IRA owner's or plan participant's death certificate and any other applicable documents, as requested. By processing this request I agree to indemnify and hold the New Direction Trust Company harmless. I acknowledge that the Custodian cannot provide and has not provided me with tax or legal advice. I have been advised to seek the guidance of a tax or legal professional. The account holder agrees to indemnify and hold harmless NDTCO, against all claims, actions, costs and liabilities, including attorneys’ fees, arising out of their reliance on this form. This indemnity and hold harmless provision shall survive any termination of the relationship by either party.