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Inheriting an annuity can be a complicated process and can give you a hefty tax bill, or possibly even knock you into a higher tax bracket. If youâve inherited an annuity, your best bet is to talk to a qualified financial professional in Retirement HQâs network to see what your options are. Retirement HQ and their network of insurance and financial professionals do not offer tax or legal advice.
An annuity option is merely a 1035 exchange of the life policy into an annuity. This defers income taxation until distributions are received. Usually an immediate annuity is chosen, which effectively transfers the ownerâs basis from the life insurance policy to the annuity.