"The funds in the annuity do not perform as well as those in the IRA but on the other hand, I am guaranteed $25,000 per year until death at which time, whatever remains goes to my wife as an insurance death benefit."
Also not a tax pro but generally speaking, an annuity death benefit is taxed differently than an insurance death benefit. I encourage you to get clarification from a professional regarding the tax liability that your wife would potentially be subject to in the event you passed away while the annuity still has cash value.
Also not a tax pro but generally speaking, an annuity death benefit is taxed differently than an insurance death benefit. I encourage you to get clarification from a professional regarding the tax liability that your wife would potentially be subject to in the event you passed away while the annuity still has cash value.
