Should Revocable Trust own annuity?

[GorillaBoze]

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

[anteater]

What is the purpose of your trust?

[GorillaBoze]

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]

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]

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

[GorillaBoze]

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!