From the Attorney’s Desk

by Jason Krautkramer, J.D.

Eckert & Krautkramer, LLC

325 N. 1st Ave., Suite 1 Wausau, WI 54401 715-842-0907 jason@eckertlawllc.com How Does My Annuity Fit Into My Estate Plan?

In addition to being a financial tool for you, annuities can have a positive impact after you’re gone, but you need to complete the beneficiary paperwork so the annuity goes to the people you want to leave it to.

There are different ways you can build death benefits into your annuity. With a standard death benefit, the value of the annuity at the time of your death is passed to your beneficiary. With a return of premium death benefit, either the current value or the initial premium (whichever is greater) is distributed to your beneficiary. With a stepped-up death benefit, the highest anniversary value is distributed to your beneficiary.

Taxes are a fact of life. After your death, the annuity will be taxed to your beneficiary as ordinary income.

Give us a call today so we can review your current annuities and explore ways to get more out of them for you and your family in the long run.

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