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?
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?