Timothy Sumer

Let’s dig a little deeper on legacy planning and talk about taxes on the death benefit to the annuity beneficiary, both for a taxable and non-taxable account. Is a retirement annuity the most tax advantageous way to gift to a beneficiary at death? And while I am on the topic of a tax deferred account, such as an IRA, I will also discuss the payout options for a fixed index annuity since the Secure Act has changed how inherited IRAs are to be distributed to non-spousal beneficiaries. Table of Contents: 00:00 - Introduction 01:29 - Refresher on Annuities and Taxes 02:10 - Taxation of Death Benefit for Inherited IRA 02:54 - Is there a more tax advantageous way to gift a death benefit? 04:23 - Introduction on The SECURE Act 04:52 - Impact of the Act on Fixed Annuity in an Inherited IRA 06:04 - Taxation of Death Benefit in Taxable Account ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ ▶️Schedule a 15-minute conversation: ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ 📲CONNECT WITH...