Can Annuities Be Inherited? (Chesterland, OH)

After the death of a loved one, it can be difficult to think about money and financial contracts. But it’s essential to remember that annuity contract terms continue paying out the same way for the original annuitant beneficiaries as they had prior to the annuitant death. In simpler terms. Yes, annuities can be and typically are inherited spouses will also have more control over changing the terms of inherited annuities. The taxes you will owe on an inherited annuity will depend on the payout structure of the annuity and the status of the beneficiary with lump sums taxed immediately with the highest tax consequences. It should also be noted that minors cannot legally access their inherited annuity until they reach 18 years of age. Knowing the details about inherited annuities can really help to ease the emotional and financial burden of such difficult times. So it’s always best to speak to a trusted insurance agent before making any final decisions.

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