Estate Law
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Answered in 34 minutes by:
7/16/2010
David L, Attorney
Category: Estate Law
Satisfied Customers: 3,255
Experience: Estate planning and probate attorney since 1997
VerifiedHi. Usually the insurance company will have ways for you to essentially leave the money invested with them by converting the assets into your own sames, but leaving them invested with the company. Annuity taxation can be complex and would depend on the nature of the annuity and the funds contributed into it. For example, with a deferred tax annuity, the tax is deferred to a later date (similar to an IRA). If the distributions to you are from deferred contributions, you will be taxed on the money paid to you. If, however, contributions were made to the annuity with after-tax income, there would be no tax upon distribution to you since the tax has already been paid.
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