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Barby
Level 3
September 14, 2020
Question

Annuities

  • September 14, 2020
  • 1 reply
  • 13 views

My client has an adult disabled daughter.  He owns an annuity of which he is the beneficiary.  Tax wise is it better for him to change the beneficiary to her or transfer it to his trust which will care for her?

 

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1 reply

BobKamman
BobKamman
Level 15
September 14, 2020

We don't know what tax bracket either one of them is in, so this doesn't sound much like a tax question.  For estate planning, income from the annuity or the trust might disqualify her for government benefits she might need once he's gone.  The trust may be a typical "special needs" trust that prevents that from happening.  

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