My dad had an annuity that we are considering continuing in my mother's name. He passed away in August of last year. Are there any tax benefits to her taking payments now versus leaving it all in the fund until her passing? She doesn't need the funds right now, and I don't want her to pay more taxes on additional income. I will be the beneficiary, and I don't want to have to pay taxes on the whole thing, either! Currently, it is about $60,000, and she is 92.
I also read that I can roll it over into an IRA, which might be the best option if it eventually comes to me.
What is the recommendation?
