You may have used annuities as a savings vehicle as part of your financial plan. However, now you may find that you no longer need the money in the annuity and you want to pass the money on to your heirs.
But, did you know that the gains on your annuity (the portion that exceeds your original investment), could be taxable income to your heirs? In addition, the full value of your annuity is included in your taxable estate, which could result in a diminished inheritance.
To maximize your annuity dollars, one strategy is to purchase a single premium life insurance policy on your life with the annuity funds. The beneficiaries of the policy would then be paid a generally tax-free death benefit and avoid the taxes associated with inheriting annuity funds.
If you are interested in learning more about this strategy, visit our annuity resource page today. Click Here for more information: Strategies for Fixed Indexed Annuities
No comments:
Post a Comment