I have two questions about a non-qualified annuity that I have. I started the annuity with $50,000 and it is now worth roughly $100,000
1) If i switch the ownership from myself individually to my living trust using the same tax id number.....will that be a taxable event?
2) If I leave the annuity under my individual ownership but change the beneficiary to my living trust; upon my passing how will the taxes be handled? Will my trust have to pay taxes on the gains? Will my trust be able to stretch these proceeds out over time?...or will the individuals that receive the proceeds from my trust be able to stretch the proceeds out over time?
