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Should Revocable Trust own annuity?

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GorillaBoze

Junior Member
What is the name of your state (only U.S. law)? Kansas

My wife and I just finished our trust documents. We have changed the ownership of out non-qualified brokerage accounts to our joint revocable trust. We each own a non-qualified variable annuity. Should we change the ownership of these annuities to our trust? If so, then who would be list as the annuitant and the beneficiary?

-Chad
 


GorillaBoze

Junior Member
Mainly to avoid probate and to minimize estate taxes.

I am a few years away from retirement and will have close to $1,000,000 in 401k, and total net worth will be between $2,000,000 and $2,500,000.

Should also mention that my wife has three gown children from a previous marriage. We have one grown child together.
 

anteater

Senior Member
If the annuities have named beneficiaries, then they are not probate assets. They pass according to the beneficiary designation.

A revocable trust is not going to do anything for an estate tax situation.
 

Dandy Don

Senior Member
A certified estate planning professional or a CPA with experience in estates can help you with your tax planning on this.
 

GorillaBoze

Junior Member
If the annuities have named beneficiaries, then they are not probate assets. They pass according to the beneficiary designation.

A revocable trust is not going to do anything for an estate tax situation.
Thanks. That's what I was thinking, but wanted to be reassured!
 

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