I have a Variable Annuity with Transamerica work $2.7 million with $ 625K in basis. It was with Vanguard before Vanguard exited the Annuity business. Can I 1035 exchange a variable annuity for a life insurance policy so that the life insurance benefits will flow tax free to my beneficiaries? My other option is to annuitize the annuity or cash it out and pay large amount of taxes since it is taxed as ordinary income. My tax bracket is high and will remain high through retirement. I would rather not annuitize or cash out. Any strategy suggestions for exiting the annuity?
Thanks
Thanks
Statistics: Posted by 2mrzapr — Wed Jan 03, 2024 12:10 pm — Replies 1 — Views 86