Liquidating, transfering, or rolling over Trust annity to beneficiary
An annuity at NYLife is in the name of the trust connected to my deceased Mother. I am both Executor, Trustee and beneficiary of the annuity. While NYLife apparently will not allow this annuity to be transfered to any other instrument outside of their comopany, I was wondering whether it is important to have monies transfered to a trust account vs. to me personally.
(NYLife seems to indicate that because I am the beneficiary it can only be transfered to me personally. Is that correct?)
Permalink Submitted by mk foss on Thu, 2014-09-11 17:54
The annuity issuer sets the rules for each specific annuity within IRS guidelines. If NY Life says it must be tranferred to you, it must. A trust is generally not a good beneficary of an annuity.