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Stretching the Tax Benefits of Annuities

from Dentist's Money Digest

One of the biggest advantages of an annuity, tax deferral, can be lost when anyone other than a spouse inherits an annuity. Then, all deferred taxes on the gains must be paid sooner or later. It’s usually better to pay them later rather than sooner—and there are different ways to do that. If the beneficiary or beneficiaries take the proceeds as one lump sum or even distributions over a few years, they might get kicked into a higher tax bracket. For an annuity with a large untaxed gain, that could mean that a lot of the money would go to pay state and federal income taxes. more


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