Special Needs Trust Massachusetts With An Annuity
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FAQ
The fact that structured settlement annuity payments are tax-free should also be considered in the analysis. If structured settlement annuity payments are utilized where a special needs trust is involved, the payee of the structured settlement annuity payments must be the special needs trust.
How To Transfer Ownership of an Annuity to a Trust. It is not difficult for an annuity to own a trust. Typically, when the annuity is first purchased, the trust can be named as the owner. This means that the trust will serve as the beneficiary and can receive the benefit from the annuity when the annuitant dies.
The trust beneficiary simply becomes the owner of the contract and assumes the trust's cost basis in the annuity. Tax deferral continues for the new owner.
Typically there is more flexibility with trusts as beneficiary of a qualified annuity, but there are still ways to plan for a trust beneficiary of either. Trust accounting is complex and should be referred to a tax advisor.
In the rulings, the IRS permitted the owner of the grantor trust to be treated as the designated beneficiary of the annuity contract. This allows the grantor of the trust to stretch the benefits over their life or life expectancy.