VA for Older Client 1035 Exchange

[dmarbell]

I have a 99 year-old client with a couple of annuities with gains. Because of her age, she will be forced to annuitize or take lump sums on a couple of them. Five year rates are pretty low, but are reasonable on old money.

I would really like to 1035 exchange them into no-load VAs to enable me to get the gains out over a period of years, even if she dies in the meantime.

Any no-load VAs out there that will accept a 99 year-old?

Danny

 

[njh_lfg]

I have never seen an annuity other than a spia that will take a 99 yr old.

99 yr old in a VA sounds like a compliance nightmare! Good luck, hope you find something.

 

[dmarbell]

99 yr old in a VA sounds like a compliance nightmare!

I understand your thinking. But a no-load VA that allows me to spread her tax liability over a longer period, to her beneficiaries if she dies (say over five years), can't be too hard for compliance to accept. I just want a chance at a little higher return than the old-money fixed-rate the current company is offering.

Danny

 

[VolAgent]

I understand your thinking. But a no-load VA that allows me to spread her tax liability over a longer period, to her beneficiaries if she dies (say over five years), can't be too hard for compliance to accept. I just want a chance at a little higher return than the old-money fixed-rate the current company is offering.

Danny

Don't underestimate compliance. Remember, their job is to deny any transaction that might get the company sued.