The interest of a donee spouse in a joint and survivor annuity
in which only the donor and donee spouses have a right to receive payments during such spouses' joint lifetimes is treated as a "qualifying income interest for life" for which the marital deduction is available unless the donor spouse irrevocably elects otherwise within the time allowed for filing a gift tax return.
The QJSA, or qualified joint and survivor annuity
, is a retirement-as opposed to a death-benefit payable in the form of an annuity for the life of the participant, and, if this person is married, a survivor annuity for the life of the spouse, payable upon the participant's death.
joint and survivor annuity
: A life annuity payable over the lives of two or more annuitants that continues to make payments until the death of the last surviving annuitant.
The charity keeps the remaining portion of the contribution--known as a residuum--when the contract ends and the donor (or their survivor in the case of a joint and survivor annuity
401(a)(ll), a plan participant in a same-sex marriage cannot waive a qualified joint and survivor annuity
without obtaining his or her spouse's consent.
Your pension will most likely be offered as a single or a joint and survivor annuity
. A single annuity provides benefits until the worker's death; a joint and survivor annuity
provides reduced benefits that last until the survivor's death.
A joint and survivor annuity
, also referred to as a "joint and last survivor annuity," provides for benefit payments while either of two individuals is alive.
How do you find the excludable portion of payments under a joint and survivor annuity
that continues the same income to the survivor as is payable while both annuitants are alive?
The retiree's spouse must join with the retiree in agreeing to waive the minimum joint and survivor annuity
in order to obtain the increased benefit for the life of the retiree only.
qualified joint and survivor annuity
if the participant had either (1)
They generally invoke the spousal consent requirements of ERISA and so create a default form of payout--a qualified joint and survivor annuity
The annuity can be for one life or for two lives as a joint and survivor annuity
. A gift annuity can also be thought of as the purchase of an annuity contract from a charity in combination with an immediate gift of a future interest to that charity.