In this episode, The Annuity Man discusses:
The best thing to do if you have inherited an annuity.
Understanding the type of policy that you are inheriting.
Spousal and non-spousal choices of an inherited annuity.
Understanding the goals and the contractual guarantees of the annuity you have and what you want it to do.
Key Takeaways:
You have to hire someone who is qualified to give tax advice (like a CPA or tax lawyer) for tax advice. Do not take advice from anyone else because it is an ever-changing landscape and can vary from state to state.
As a spouse, you can do what you want, you just have to inform the annuity company within 1 year from the date of death.
As a non-spouse, there are multiple options and it depends on the type of annuity that you are inheriting and what you want the money to do.
When transferring annuities, some of the benefits may not transfer. Do not transfer for an upfront bonus.
“Never, ever, ever move an annuity for an upfront bonus. There are no philanthropists at annuity companies that are giving away money.” — Stan The Annuity Man
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StAM’s epitaph (when his time comes), in the Carolinian dialect: “Will Did. Not Might Did(tm).”
9:43
I inherited an annuity as a non spouse and as dealing with lack of info from the company. They said there’s no 5 year stretch option. The company said lump sum or roll into a FSP annuity but no can give me contract terms. I have the prospectus for the fund in the FSP but I want to know the term of when/how I can access the money if needed in emergency.