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Contingent Annuity

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contingent annuity
A series of payments scheduled to begin at the time of a specified event. For example, an individual's death may set in motion an annuity payable to a designated person or organization.

Contingent Annuity
An annuity that does not begin making payments to the annuitant or the beneficiary until a certain stated event occurs. Annuities that do not begin payments until an individual?s retirement or death are common examples.


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According to Example 5, if any amount of the annuity could be payable to a grantor's estate, the value of that contingent annuity interest had to reduce the amount of the grantor's retained trust value.
Further, the court distinguished this case from Walton because the contingent annuity was payable to the grantor's estate when the grantor died.
The power to revoke retained by the grantor should prevent the spousal contingent annuity from being a completed gift for gift tax purposes.
 
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