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1035 ExchangesOffering 1035 exchanges for annuities. Learn how 1035 exchanges of your existing annuities can provide better interest rates or features. Are you interested in upgrading your annuity to one with better features and higher interest rates? In most cases, the IRS allows what is known as 1035 exchanges between insurance companies. 1035 exchanges allow you to switch insurance companies while continuing to defer taxes, ensuring your annuity stays up-to-date with the latest advantages and benefits available to you. The section of the tax code that addresses 1035 exchanges, is one of the few that actually works in your favor. Generally, the surrender of an existing annuity contract is a taxable event since the contract owner must recognize any gain on the "old" contract as current income. However, under IRC Section 1035, when one annuity contract is 1035 exchanged for another, the transfer is considered nontaxable, provided certain requirements are met. AnnuityAdvantage.com offers a free service for 1035
Exchanges to all annuity owners, whether or not you are a current
customer. With this service, an Annuity Advantage specialist examines your current annuity to let you know how it compares to newer products on the market. There is never any obligation to take advantage of this free service. The
decision to move forward with any 1035 exchanges of your existing annuities is always yours. All 1035 exchanges require serious consideration. Only after careful examination of available alternatives can you decide if 1035 exchanges of your existing annuity policies makes sense. |
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