Is There Inheritance Tax On Annuities?

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    David RacichPRO
    Fountain Hills, Arizona
    Annuities that generate a gain, cash values beyond the original basis or contributions are taxed as ordinary income tax rates of the owner of the annuity. Although an annuity can bypass probate, it may be subject to federal and/or state of residence estate tax depending on the size of the estate in relationship to the federal unified credit and the state of residence exemptions limits.
     
    Answered on May 21, 2013
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    John Cole
    Recruiter/Manager, Cole Insurance Investments, Charlotte N.C.
    In most cases there are no inheritance tax on annuities there are some state and federal guidelines to follow such as estate tax and things of this nature it is how well a parent or grandparent prepares and arranges their financial matters ahead of time they can be in a trust or will there is different situation for the amount of income in the estate the thing to do is consult a financial planner; attorney and CPA to put everything in order. Let me know if I can help see my website for an appointment we will set a plan in motion for you at no cost.
    Answered on July 12, 2014
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