Can I designate a special use for an annuity?

Tampa, FL Viewed 30 times. Posted 6 months ago in Estate Planning

I plan on taking out an annuity (perhaps a SPIA) to pay the premiums on an irrevocable life insurance trust . How can I make sure that these premiums will be paid by the annuity after my death,assuming I am the first to die (it's a suvovrship life insurance policy). Can I make sure that the annuity designation to pay the premiums is irrevocable so as to make sure that the premiums get paid/are able to be add on more insurance coverage? Thank you.

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Answers (3)

Dennis Michael Phillips

This attorney is licensed in Florida. Posted 6 months ago.

Let me refer you to Don Wallace in Sarasota: (941) 870-0070. He is a financial planner with the Legacy Group; and he should be able to help you achieve your goals. http://www.elegacygroup.com

David Michael Goldman

This attorney is licensed in Florida. Posted 6 months ago.

This is a complex issues and should not be done without consulting whit an estate planning attorney with a background in these payments. You should also verify that this will not create problems in with taxes.

Joseph Franklin Pippen Jr.

This attorney is licensed in Florida. Posted 6 months ago.

The answer would be yes and would take the teamwork of attorney and financiall / insurance professional.
I have several insurance / financial professionals that I could recommend to you.
Also you could use a charitable trust to accomplish same result.

Attorney Joe Pippen-20 Office Locations