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Revocable Trust Question

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NYCTRUST

Junior Member
What is the name of your state? NEW YORK STATE

I'm in the process of establishing a revocable trust, a TAX ID number has already been established. I have an annuity that I want to transfer into the trust, does anyone know if I will have to pay taxes, as if a cash out has taken place? The plan is to flow the monies into the trust without a cash out, but will it be viewed as a cash out and will I have to pay taxes on that? :confused:
 


curb1

Senior Member
We placed an annuity to a revocable trust without any problems. Your tax ID number for the trust is not to be used until the Trust is activated (after death). Until that time the Social Security number is used. Tax situation remains the same until Trust is activated. You will just have to re-title the annuity. They will, most likely, ask for the "Memorandum of Revocable Living Trust Agreement" or a copy of the Trust itself.
 

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