Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

Sunday, August 25, 2013

Annuity Exchange Post- Mortem Permitted by the IRS

IRS-100wiPeople who inherit an annuity may be able to exchange inherited contracts for higher contracts. A higher contract may be cheaper, and have options that are more advantageous. Therefore, the beneficiary does not have to be bond by the deceased’s contract. Scott Stolz, president of Raymond James Insurance Group explained “Advisors with clients in this situation should work with their firm’s people who are knowledgeable about annuities so that all the options can be considered.” Previously, people would choose to annuitize the contract within the year or remove the funds within five years and pay the tax on the gains.

See Donald Jay Korn  IRS Approves Post -Death Annuity Exchange, Accounting Today,  Aug. 20, 2013.

Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.


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