Does any one know what sort of tax implications or penalties there may be from taking out a portion of an existing annuity to fund some sort of 'Pre Need' product or to use for charitable gifting?
A client of mine has an annuity of approx. $100K, set up a few years back - I do not know the carrier at this moment. She would like to take out some of the funds to Pre Pay her funeral, as well as do some charitable gifting.
So you know, I know little to nothing about annuities, as I only do final expense at this time; Simplified Issue, Guarantee Issue, and Single Pay (Asset Protection/
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A client of mine has an annuity of approx. $100K, set up a few years back - I do not know the carrier at this moment. She would like to take out some of the funds to Pre Pay her funeral, as well as do some charitable gifting.
So you know, I know little to nothing about annuities, as I only do final expense at this time; Simplified Issue, Guarantee Issue, and Single Pay (Asset Protection/
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