Included in these exempt assets were seven commercial
annuity contracts with a combined value of $355,894 that the debtor had obtained well in advance of the litigation.
Amendments would be made to the insurance law in relation to
annuity contracts with an equity index amount under legislation that has passed both houses and been sent to the Governor.
The trustee purchases two
annuity contracts worth $600,000 dollars each, one on the life of each child, with each child being the annuitant on their own contract.
Most variable
annuity contracts offer portfolio reallocation at defined intervals.
Among the products exempted are variable and credit life insurance and individual and group
annuity contracts.
In Internal Revenue Bulletin 2004-26 the IRS issued final regulations (Treasury decision 9130, Required Distributions From Retirement Plans) concerning required minimum distributions under IRC section 410(a)(9) for defined benefit plans and
annuity contracts providing benefits under qualified plans, individual retirement plans and section 403(b) contracts (www.
6) IRC Section 1035 exchange of one deferred
annuity contract for multiple deferred
annuity contractsThe ability to alter key terms (including roll-up rates and rider fees) of in-force variable
annuity contracts can provide both carriers and clients with a degree of flexibility--but for advisors, the key consideration becomes whether these adjustable term annuities are a smart choice for each individual client's portfolio.
In addition, and for easy reference, the Publication reviews the treatment of transfers of
annuity contracts.
Many of you emailed me to learn more about the two financial planners who were able to place their clients' investments into laddered, tax-deferred
annuity contracts.
14 in 1978 to exempt the proceeds of
annuity contracts because of a change made to the Florida Insurance Code the previous year.
