Special Needs Trust Law With An Annuity
Description
How to fill out Special Needs Irrevocable Trust Agreement For Benefit Of Disabled Child Of Trustor?
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FAQ
Owners are often annuitants, and the annuity benefit payments are calculated based on the annuitant's life expectancy. A beneficiary is a person who receives the death benefits, usually the remaining contract value or the amount of premiums minus any withdrawals, upon the annuitant's death.
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.
Annuities can be a helpful tool that a trustee uses to manage multiple risks in an estate plan through its multiple product features. Money sitting in a credit shelter trust, or a different type, can be creatively used and can provide additional benefits to trust beneficiaries through the use of annuities.
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.
Inherited annuities can be distributed in two main ways: either through a lump sum payout or a stretch provision that spreads out the payments over the beneficiary's life. You can also roll over an inherited annuity or disclaim it. A financial advisor can help you choose the right option for you.