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Can I designate a special use for an annuity?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. Attorney answers (3)
Reputation Level 14
Answered over 2 years ago.
Estate Planning Attorney in Jacksonville, FL.
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.
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Reputation Level 14
Answered over 2 years ago.
Estate Planning Attorney in Largo, FL.
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. 1 person marked this answer as good
Reputation Level 16
Answered over 2 years ago.
Estate Planning Attorney in Fort Lauderdale, FL.
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
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