Hi,
I'm a little rusty on my No-Qual death benefit options for a non-spouse. Here is the situation I am working with:
The annuitant on a trust owned contract passed away and her 3 sons are the trustees as well as the trust beneficiaries. They want to be able to defer taxes as long as possible. If I remember correctly the options for a non-spouse death benefit was 1) defer for 5 years and then lump sum 2) lump sum 3) some sort of annuitization. The agent said the current company (American Equity) would split the contract up into 3 contracts for each son and they will 1035x the contrac
I'm a little rusty on my No-Qual death benefit options for a non-spouse. Here is the situation I am working with:
The annuitant on a trust owned contract passed away and her 3 sons are the trustees as well as the trust beneficiaries. They want to be able to defer taxes as long as possible. If I remember correctly the options for a non-spouse death benefit was 1) defer for 5 years and then lump sum 2) lump sum 3) some sort of annuitization. The agent said the current company (American Equity) would split the contract up into 3 contracts for each son and they will 1035x the contrac
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