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17-93 Table of Contents EVALUATING COMMERCIAL ANNUITIES TABLE OF CONTENTS Chapter 1 - Introduction ........................................................................................................................ 17-97 Chapter 2 – Annuity Contracts in a Nutshell: Key Concepts and Terminology for the Tax Advisor . 17-100 Basic Annuity Terms and Concepts .............................................................................................. 17-100 Types of Annuities: Fixed v. Variable and Immediate v. Deferred .............................................. 17-101 Basic Income Tax Concepts and Income Tax Implications of Annuities ..................................... 17-102 10% Excise Tax ............................................................................................................................ 17-105 Chart Summarizing How Fixed and Variable Annuities are Taxed ............................................. 17-105 Taxation on the Death of the Owner or Annuitant ........................................................................ 17-106 Trusts as Owners of Annuity Contracts ........................................................................................ 17-106 Gifting an Annuity ........................................................................................................................ 17-107 Aggregation Rules ........................................................................................................................ 17-107 1035 Exchanges ............................................................................................................................ 17-107 Guarantees and Insolvency Concerns ........................................................................................... 17-108 Synthetic Annuitized Contracts .................................................................................................... 17-109 A Bird’s Eye View of Professional and Potential Malpractice Liability Issues for the Legal and Accounting Practitioner ................................................................................................................ 17-109 Chapter 3 – 15 Reasons to be Cautious about Variable, “Index,” “Guaranteed Income,” and Similar Annuities ............................................................................................................................................. 17-118 1. Converting Long-Term Gains for Ordinary Income. ................................................................ 17-118 2. No Step-Up in Basis on Death .................................................................................................. 17-119 3. Guarantees are Complicated and Often Deceiving ................................................................... 17-119 4. 10% Excise Tax ........................................................................................................................ 17-128 5. Must Pay Out Ordinary Income Shortly After Death Unless Payable to the Spouse or Synthesized Variable Annuity Arrangement Described in Chapter 12 is Available ................. 17-129 6. Estate Tax Planning with Discounting is Made Difficult ......................................................... 17-129 7. Lifetime Gifts of Annuities Can Trigger Premature Ordinary Income and Medicare Tax ....... 17-130 8. Commissions Can Influence Judgment ..................................................................................... 17-130 9. Borrowing or Pledging Can Trigger Income Tax ..................................................................... 17-131 10. Many Trusts Cannot Qualify to Hold Annuity Contracts, Causing Ordinary Income Treatment When Not Expected ................................................................................................................. 17-131 11. Not Necessary to Hold an Annuity Under an IRA .................................................................. 17-132 12. Many Contracts are Illiquid Because of Surrender Charges ................................................... 17-133 13. Annuity Contracts are Often Sold as Legal Solutions to the “Probate Problem” ................... 17-133 14. Difficult to Get an Objective Second Opinion ........................................................................ 17-133 15. Carriers May Change Terms Without Advance Notice .......................................................... 17-134 17-93 Chapter 4 - Annuity Contract Planning Strategies ............................................................................... 17-144 1. Reducing Expenses of the Investment ....................................................................................... 17-144 2. Avoiding Surrender Charges ..................................................................................................... 17-147 3. Reduce Taxable Income on Withdrawals .................................................................................. 17-147 4. Avoid the 10% Excise Tax on Income Paid to Anyone Other Than A Person Who Has Reached Age 59 ½ .................................................................................... 17-148 5. Consider Charitable Annuities .................................................................................................. 14-149 6. Consider Alternative Strategies for Tax Deferral or Avoidance ............................................... 17-149 Chapter 5 - Creditor Protection Considerations ................................................................................... 17-151 Foreign Jurisdictions Can Be Considered ..................................................................................... 17-154 Chapter 6 - Common Issues with Buying Annuities ............................................................................ 17-155 How to Use Annuity Factors ......................................................................................................... 17-159 Income Guarantees ........................................................................................................................ 17-167 Concerns with Respect to Sales of Variable Annuities to Senior Citizens .................................... 17-177 Federal Regulations ....................................................................................................................... 17-179 Recent Florida Regulations ........................................................................................................... 17-179 Private Placement or Offshore Arrangements ............................................................................... 17-181 Insurance Carrier Registration and Requirements ......................................................................... 17-181 Annual Costs and Surrender Charges ............................................................................................ 17-181 An Example of the Financial Cost of Annuitization ..................................................................... 17-182 A Time and a Place for Variable Annuities ................................................................................... 17-184 Chapter 7 - Special Tax and Estate Planning Considerations of Annuities ......................................... 17-185 Annuity Death Benefits ................................................................................................................. 17-185 Can Annuities Continue To Be Safely Held by Irrevocable Trusts Having Multiple Beneficiaries? A Significant Risk Taken By Many Unsuspecting Contract Holders and Advisors ..................... 17-192 Can a Complex Spray Trust Qualify as a “Natural Person” To Hold an Annuity Contract and Facilitate Deferral of Income? ....................................................................................................... 17-194 Argument against the Private Letter Ruling Allowing a Spray Power .......................................... 17-194 Argument for Allowing a Spray Power ......................................................................................... 17-195 Can a Withdrawal From an Annuity Escpae the 10% Excise Tax If Distributed to a Beneficiary of a Trust Over 59 ½ Years of Age? ............................................................................................. 17-196 The Immediate Annuity Exception ............................................................................................... 17-198 Lifetime Gifts of Annuities Can Trigger Deferred Income ........................................................... 17-199 Section 1035 Exchanges ................................................................................................................ 17-200 Chapter 8 – Structured Settlement Annuities ....................................................................................... 17-205 Chapter 9 – Equity-Index Annuities (EIA) .......................................................................................... 17-206 Common Features of Equity-Indexed Annuities ........................................................................... 17-211 Chapter 10 – Charitable Annuity Planning .......................................................................................... 17-213 17-94 Chapter 11 - Qualified Longevity Annuity Contracts ......................................................................... 17-216 Chapter 12 - Synthetic Variable Annuities that can be treated as Fixed Annuities for Cost and Contract Allocation and 10% Excise Tax Purposes ...........................................................................
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