I have an 80 year old relative with less then 100K in a variable annuity. Its basis is probably about 25K meaning there is about 75K in appreciation over a 20 year period. My relative will not need this money before death other then the small amount of interest it throws off monthly. This relative also wouldnt want to take a current distribution of this money because it would disturb an income based prescription drug benefit. The main concern is the tax liability to the heirs. What are some good strategies to avoid the taxation?
2007-09-28
02:27:46
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2 answers
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asked by
Devdude
5
in
Business & Finance
➔ Taxes
➔ United States