An annuity will have the following: Owner, Annuitant , Beneficary. Yes the owner of an annuity may name a beneficiary for an annuity, even in the state of louisiana. (I am a native of Louisiana and can confirm that our laws are different). In most situations, the annuitant and the owner are the same. If the annuitant is not the owner, he or she may not have said power of naming the beneficiary.I am a Louisiana Insurance Agent and have handled many annuities in the State of Louisiana.Thanks
Annuity death proceeds do not pass by will or state intestacy laws. Like life insurance, employer-sponsored retirement plans and IRAs, annuities pass to the beneficiaries named. If there is no named beneficiary, then proceeds, at death, will pass to the estate of the owner, (and would then pass by will).
With a fixed annuity, you're giving your money to an insurance company in return for a fixed interest rate. It is the company that decides how to invest that money. You as the owner, does not pick any funds.
I found different sites with definitions for annuity variables. Investopedia states that an annuity variable is, "an insurance contract in which, at the end of the accumulation stage, the insurance company guarantees a minimum payment. The remaining income payments can vary depending on the performance of the managed portfolio." (http://www.investopedia.com/terms/v/variableannuity.asp#axzz1bw9FbZ8G)
That really depends on the arrangements made by the annuity owner. You need to check the records of the company that holds the annuity account. The company should be informed of the death of the owner and that one beneficiary predeceased the owner. You need to know what arrangements were made.
Great product, an annuity. My friend had $8,000 in his one day and the annuity paid 100% overnight. Excitedly, he told me the next morning that he had $16,000 then. Happy guy. However, an annuity kind of works like a savings account at the bank. No money in it? No money paid out. $10 in it? $10 paid out. $100,000 in? $100,000 paid out. Disclaimer: an annuity is not a savings account. I just used that term to show you how it works.
A restaurant Business Owners policy with good liability should do the trick. You'll also need workers comp, and for the owner, life insurance, Disability Insurance and eventually a good retirement plan. Call an agent that works with commercial insurance.
This is a complicated area so the following information is general only. You should speak with a tax expert and a representative from the insurance company before you make any decisions regarding this inheritance.The value of the annuity at the date of death is included in the estate for tax purposes. The estate would pay any inheritance tax.Once an inherited annuity is distributed to the beneficiary by the insurance company, either a lump sum distribution or a new annuity with you as the owner, ordinary income taxwill become due on the growth of the annuity from the time the annuitant/decedent made the initial investment. Most annuities are tax deferred. When they are inherited, you inherit all the tax liability that was deferred over the years by the owner of the annuity.You should discuss the inheritance with the insurance company. It can explain your options and ways you can minimize your tax obligations. Any changes you make or any distribution will generate a 1099-R.
The new owner of a life insurance policy if the original owner dies before the insured.
You do not need a health examination to obtain home owner insurance. Your health is not an issue. If you were to suddenly die, after buying home owner insurance, the insurance company doesn't have to pay a death benefit, since home owner insurance isn't life insurance. What happens when a home owner dies is that someone else inherits the house. The new owner will have the option of continuing the existing home owner insurance policy.
Acceptance Auto Insurance offers cheap non-owner auto insurance in Florida. Non-owner auto insurance is designed for people who only drive occasionally.