EXPECTANCY, estates. Having a relation to or dependence upon something future. 2. Estates are of two sorts, either in possession, sometimes called estates executed; or in expectancy, which are executory. Expectancies are, first, created by the parties, called a remainder; or by act of law, called a reversion.When do you use the owner’s life expectancy?
You use the owner’s life expectancy to calculate required minimum distributions when the owner dies on or after the required beginning date and there is no designated beneficiary as of September 30 of the year following the year of the owner’s death.What is a single Life Expectancy table?
The third life expectancy table, the Single Life Table, is required in several situations. Perhaps the most common use is for determining the distribution period that a beneficiary must use when an employee dies. For example, assume that an IRA owner dies this year at age 75 and has named his 70-year-old sister as the sole beneficiary.How does a beneficiary use the New Life Expectancy table?
A beneficiary uses the new life expectancy table and goes back to the age at which he or she took the first RMD after inheriting the RMD.