+ Reply to Thread
Results 1 to 6 of 6
  1. #1
    GorillaBoze is offline Junior Member
    Join Date
    May 2009
    Posts
    5

    Should Revocable Trust own annuity?

    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
  2. #2
    anteater is offline Senior Member
    Join Date
    Sep 2004
    Posts
    5,951
    What is the purpose of your trust?
  3. #3
    GorillaBoze is offline Junior Member
    Join Date
    May 2009
    Posts
    5
    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.
  4. #4
    anteater is offline Senior Member
    Join Date
    Sep 2004
    Posts
    5,951
    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.
  5. #5
    Dandy Don is offline Senior Member
    Join Date
    Apr 2002
    Posts
    9,495
    A certified estate planning professional or a CPA with experience in estates can help you with your tax planning on this.
  6. #6
    GorillaBoze is offline Junior Member
    Join Date
    May 2009
    Posts
    5
    Quote Originally Posted by anteater View Post
    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!

Similar Threads

  1. Trust payout on annuity
    By goldenone44 in forum Wills, Trusts and Estate Planning
    Replies: 6
    Last Post: 06-16-2008, 09:24 PM
  2. Tax Sheltered Annuity in a Trust?
    By snapdragon in forum Wills, Trusts and Estate Planning
    Replies: 2
    Last Post: 02-23-2006, 10:37 AM
  3. Annuity beneficiary is a revoked trust
    By hector_tc in forum Wills, Trusts and Estate Planning
    Replies: 1
    Last Post: 09-11-2003, 10:36 AM
  4. Irrevocable Trust(s) & changing Trustees, or Trust Form to Revocable
    By patmar in forum Wills, Trusts and Estate Planning
    Replies: 4
    Last Post: 05-22-2003, 11:07 AM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

© 1995-2012 Advice Company, All Rights Reserved

FreeAdvice® has been providing millions of consumers with outstanding advice, free, since 1995. While not a substitute for personal advice from a licensed professional, it is available AS IS, subject to our Disclaimer and Terms & Conditions Of Use.