Annuities

Continuing payments can be sent to the spouse of the beneficiary as long as the guaranteed term is still in effect. The spouse will be taxed on these payments…. The deceased gets taxed on the value of the death benefit at the time of death. Do I have to pay taxes on a death benefit […]

Because of the insurers’ capacity to engage in more long-term, less liquid investment techniques, fixed annuities can offer greater rates than CDs. Fixed annuities are retirement products that delay interest income from taxation until age 591/2, but early withdrawals are subject to a penalty. A fixed annuity is not FDIC-insured, but it is backed by

It is the IRS mandated minimum yearly withdrawal from tax-deferred retirement funds for individuals aged 70 1/2 or 72, based on the year they were born. RMDs RMDs apply to annuities held in IRAs and 401(k)s. Nonqualified annuities, on the other hand, require no withdrawals because they are funded with after-tax dollars. Do annuity payments

Yes, that’s the quick answer. At the state level, annuities are regulated and safeguarded from abuse. All insurance companies in a given state are required to join a nonprofit guarantee group. The other members of the guaranty association assist in the case that a member company fails. All 50 state organizations safeguard at least $250,000

Many investors don’t give much thought to how they can keep their money safe. In spite of this, asset protection against present and future creditors is a big concern for many people in high-risk occupations. Creditor protection is possible with annuities, but you must check your state’s laws to see if and how much your

Those who live in California are protected by the state’s asset protection legislation. Unmatured life insurance plans, such as annuities, are exempt from federal taxes if the policyholder is a person or married couple. A money judgment can be enforced in excess of certain limits. “‘ To the degree necessary to support the debtor and

Among asset-protection products, annuities are the most widely used. Annuities and annuity proceeds are shielded from creditors under Florida Statute 222.14. Generally speaking, an annuity is a contract that stipulates that a beneficiary will receive payments over time in the form of a set amount of money. Annuity contracts come in a variety of shapes

On October 22, 2002, the New York State Insurance Department’s Office of General Counsel issued the following informal opinion. Facts: There were no specifics given. This particular annuity was labeled as a “non-qualified commercial individual annuity” by the inquirer, who expressed concern about the protection of creditors in the event of a divorce or bankruptcy.

For annuities and life insurance, state law dictates the level of protection they receive. Some life insurance policies and annuity contracts are shielded from creditors’ attachment, garnishment, or legal procedure. Others, on the other hand, defend solely the interests of the beneficiary to the amount necessary for support. In addition, there are certain governments that

You may not obtain your money’s value from annuities if you die too early in your retirement. Annuities are generally more expensive than mutual funds and other investments because of their hefty costs. However, you may have to spend more or accept a lesser monthly income to personalize an annuity to your specific needs. Can