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<p>Listmates:</p>
<p>Does anyone have language to adequately define a charity's
termination for purposes of triggering distribution of its share
among remaining IRA charity beneficiaries? This is what I
already tried: <br>
</p>
</font>
<blockquote><font face="Arial, sans-serif">As for the designated
share of each and every beneficiary that is no longer in
existence at the time of my death, such designated share shall
be divided among the remaining beneficiaries who remain in
existence in the proportion that each remaining beneficiary's
percentage share bears to the total of the remaining
beneficiaries' share percentages. Investment Company Name, Inc.
account manager shall have authority to round off beneficiary
shares to the extent necessary when exactly equal share values
are not possible or practical or according to Investment Company
Name, Inc. policies, procedures, terms or conditions prevailing
with respect to my account holder agreement with Investment
Company Name, Inc. at the time of my death.</font><font face="Arial, sans-serif"><br>
</font></blockquote>
<p><font face="Arial, sans-serif">I was not too surprised that "no
longer in existence" didn't work for the company, but they gave
no suggestion as to what would satisfy them. <br>
</font></p>
<p><font face="Arial, sans-serif">I could try different things, but
given how much prompting and how long it took to get even the
sparse reply I got, I'm hoping to not have this take forever. I
do have this testamentary language from a form drafted for
nationwide use, but I'm not sure it's going to make Fidelity any
happier (though I may be wrong):<br>
</font></p>
<blockquote>
<p><font face="Arial, sans-serif">It is my intention to make a
charitable gift and if at the time of my death the (name of
charitable organization) is not in existence or is not
recognized as a charitable organization for federal estate tax
purposes or cannot be identified with reasonable certainty,
this charitable gift shall not lapse and shall be distributed
to the one or more exclusively charitable, scientific,
educational, or religious organizations that are then
qualified under the applicable provisions of the federal
estate tax code as may be then designated by my personal
representative, in the amounts or shares designated by my
personal representative. The judgment of my personal
representative in making such selection and allocation shall
be final and binding on all interested parties.<br>
</font></p>
</blockquote>
<p><font face="Arial, sans-serif">Of course, I cannot think of any
good reason why the contingency language should be so
non-specific as the above when there are at least 10 other
specific charities listed as beneficiaries in what I've already
provided to the company over which Fidelity dictates the
required language, so I have no reason to have to make the
contingent beneficiaries be as non-specific or to invoke the
PR's discretion as is set forth in the immediately foregoing
paragraph. <br>
</font></p>
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<p>Mark D. Mullins<br>
Attorney at Law</p>
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