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Moreover, if the irrevocable trust is a grantor trust, is the charges based on the grantor’s age then? Unfortunately, each of these questions remains unanswered. In order to avoid these pressing issues, consideration should be given to distributing the contract to the beneficiary before the date withdrawals are to start outright. Keeping in mind that the PLRs cited above are only binding on taxpayers who requested the ruling, they do claim that an annuity contract acquired by an irrevocable trust or credit-shelter trust can provide tax deferral. But great care must be exercised to ensure that both the trust and annuity contract are properly structured.
The trust agreement shouldn’t require its possessions are invested in income-producing property. The trust agreement should authorize the trustee to purchase an annuity contract specifically. The trust agreement should specifically allow distribution of the annuity contract in-kind, to avoid adverse income tax consequences. If split contracts are set up for each trust beneficiary, with each beneficiary called as the annuitant for his or her respective agreement, the in-kind distribution of the agreement to the beneficiary-annuitant should be a non-taxable event.
To avoid presenting taxes, the trust should straight purchase the annuity agreement. The trust should be the beneficiary and owner of the annuity agreement. If the grantor of the trust is known as the annuitant, his or her death will likely trigger a complete and taxable liquidation of the contract within five years. If the annuitant were to die as the annuity contract was still held in trust, the contract will probably have to be liquidated in five years.
Thus, the concern should be given to distributing the annuity contract to the beneficiary-annuitant before his or her death. In so doing, the beneficiary-annuitant, as the new owner, will continue to enjoy all the contract’s benefits and warranties, and can name a new designated beneficiary. Prevent the 10% early distribution charges when possible. The called annuitant shouldn’t be transformed.