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AVOIDING THE ANNUITY “TAX BOMB” – Lincoln Financial
September 1 @ 11:00 am - 11:30 am
What is the opportunity?
Owners of nonqualified annuities may reach retirement and find they do not need as much income as they expected.
While Mom and Dad often have interest in giving such an annuity to a child or grandchild who could use the income today, the general rule is that transferring ownership of a nonqualified deferred annuity to a non-spouse is a “tax bomb.”
Clients are usually not willing to absorb this income tax event, and, as a result, choose to keep the annuity in “idle” status.
- Lifetime gifting- Repurposing unwanted, unneeded, or unused annuities into the gift of income for a loved one
- Positioning Annuities within Trusts: Find out how to position or re-position annuities within the most used trusts. What should clients and advisors be aware of? How are our very best using them in the field today?
Presented by: Jameson T. Mulshenock and Patricia Taylor, MBA, ChFC