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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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Sponsored by James J. Eccleston, an attorney representing stockbrokers, financial planners and
investors nationwide in arbitration, litigation and regulatory matters, and a shareholder with the law firm
Shaheen, Novoselsky, Staat, Filipowski & Eccleston
P.C.(www.snsfe-law.com). This Web site contains material
of general interest. It is neither intended to, nor constitutes, either legal advice or investment advice.
Always consult an attorney and/or investment advisor when building and protecting your wealth.
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