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That's a great idea Joe. Do you think you may want to add something saying the action was client initiated and not agent initiated? Otherwise I worry that some attorney for the receivership could try to say the client insisted only after you talked them into it by calling them first.
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You bring up a good point. In today's climate should we suggest multiple policies from different insurance companies to keep them within the 300k limits on death claims and also the 100k limits on cash for annuities? If we don't could they then sue us?
In my opinion it's always a good idea to keep annuity contracts under the thresholds of your respective state's guarantee association.
In my state we have 300K; so it is a little easier. In your state with a 100K cap it is more difficult.
As far as the RMD's are concerned Newby is exactly right. If the client's entire qualified portfolio was invested with a company that was in receivership; I would assume you would have to petition the deputy receiver to have the money released. At the very least the IRS should waive the penalty; but I have seen the IRS do far less.......... Good Question!