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Insurance and Annuities Have Traps for the Unwary Tax Free Exchanges of Life
Unlike any other investment, one can exchange, tax free, one life insurance or annuity policy for another.
However, there are traps. Don't cash in the old policy. Instead, assign the policy to the successor insurer that surrenders them. Second, make the policyowner (or annuitant) identical in each policy.
Source: Journal of Financial Planning, March, 2000
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