There is a section of the Internal Revenue Code, Section 1035, that will allow you to exchange one annuity for another tax free if certain requirements are met. See this breakdown in ImmediateAnnuities.com:
http://www.immediateannuities.com/1035-annuity-exchanges/
Make sure you have all the i’s dotted and the t’s crossed to make sure you don’t owe tax on this exchange.
For financial, accounting and tax musings,
You can count on us to count for you!
email: bstonercpa@sbcglobal.net phone: 818-317-6035 Website: www.briantstonercpa.com
https://twitter.com/bstonercpa