{"id":187135,"date":"2023-11-15T21:49:22","date_gmt":"2023-11-15T21:49:22","guid":{"rendered":"https:\/\/namso-gen.co\/blog\/what-to-do-with-an-inherited-annuity\/"},"modified":"2023-11-15T21:49:22","modified_gmt":"2023-11-15T21:49:22","slug":"what-to-do-with-an-inherited-annuity","status":"publish","type":"post","link":"https:\/\/namso-gen.co\/blog\/what-to-do-with-an-inherited-annuity\/","title":{"rendered":"What to do with an inherited annuity?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_62 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/namso-gen.co\/blog\/what-to-do-with-an-inherited-annuity\/#The_decision-making_process\" title=\"The decision-making process\">The decision-making process<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/namso-gen.co\/blog\/what-to-do-with-an-inherited-annuity\/#Option_1_Continue_the_annuity\" title=\"Option 1: Continue the annuity\">Option 1: Continue the annuity<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/namso-gen.co\/blog\/what-to-do-with-an-inherited-annuity\/#Option_2_Take_a_lump_sum\" title=\"Option 2: Take a lump sum\">Option 2: Take a lump sum<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/namso-gen.co\/blog\/what-to-do-with-an-inherited-annuity\/#Option_3_Rollover_to_an_inherited_IRA\" title=\"Option 3: Rollover to an inherited IRA\">Option 3: Rollover to an inherited IRA<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/namso-gen.co\/blog\/what-to-do-with-an-inherited-annuity\/#Frequently_Asked_Questions_FAQs\" title=\"Frequently Asked Questions (FAQs)\">Frequently Asked Questions (FAQs)<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/namso-gen.co\/blog\/what-to-do-with-an-inherited-annuity\/#1_Can_I_transfer_the_annuity_to_someone_else\" title=\"1. Can I transfer the annuity to someone else?\">1. Can I transfer the annuity to someone else?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/namso-gen.co\/blog\/what-to-do-with-an-inherited-annuity\/#2_Can_I_sell_the_annuity\" title=\"2. Can I sell the annuity?\">2. Can I sell the annuity?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/namso-gen.co\/blog\/what-to-do-with-an-inherited-annuity\/#3_What_are_the_tax_considerations_of_inheriting_an_annuity\" title=\"3. What are the tax considerations of inheriting an annuity?\">3. What are the tax considerations of inheriting an annuity?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/namso-gen.co\/blog\/what-to-do-with-an-inherited-annuity\/#4_Can_I_contribute_the_inherited_annuity_to_my_existing_retirement_account\" title=\"4. Can I contribute the inherited annuity to my existing retirement account?\">4. Can I contribute the inherited annuity to my existing retirement account?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/namso-gen.co\/blog\/what-to-do-with-an-inherited-annuity\/#5_How_are_annuity_payments_taxed\" title=\"5. How are annuity payments taxed?\">5. How are annuity payments taxed?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/namso-gen.co\/blog\/what-to-do-with-an-inherited-annuity\/#6_Can_I_change_the_beneficiary_of_the_inherited_annuity\" title=\"6. Can I change the beneficiary of the inherited annuity?\">6. Can I change the beneficiary of the inherited annuity?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/namso-gen.co\/blog\/what-to-do-with-an-inherited-annuity\/#7_Can_I_surrender_the_annuity_for_cash\" title=\"7. Can I surrender the annuity for cash?\">7. Can I surrender the annuity for cash?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/namso-gen.co\/blog\/what-to-do-with-an-inherited-annuity\/#8_Are_there_any_penalties_for_taking_early_withdrawals_from_an_inherited_annuity\" title=\"8. Are there any penalties for taking early withdrawals from an inherited annuity?\">8. Are there any penalties for taking early withdrawals from an inherited annuity?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/namso-gen.co\/blog\/what-to-do-with-an-inherited-annuity\/#9_What_happens_if_I_do_nothing_with_the_inherited_annuity\" title=\"9. What happens if I do nothing with the inherited annuity?\">9. What happens if I do nothing with the inherited annuity?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/namso-gen.co\/blog\/what-to-do-with-an-inherited-annuity\/#10_Can_I_convert_an_inherited_annuity_to_a_different_type_of_investment\" title=\"10. Can I convert an inherited annuity to a different type of investment?\">10. Can I convert an inherited annuity to a different type of investment?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/namso-gen.co\/blog\/what-to-do-with-an-inherited-annuity\/#11_How_can_I_avoid_or_minimize_the_tax_impact_of_inheriting_an_annuity\" title=\"11. How can I avoid or minimize the tax impact of inheriting an annuity?\">11. How can I avoid or minimize the tax impact of inheriting an annuity?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/namso-gen.co\/blog\/what-to-do-with-an-inherited-annuity\/#12_Can_I_take_partial_withdrawals_from_an_inherited_annuity\" title=\"12. Can I take partial withdrawals from an inherited annuity?\">12. Can I take partial withdrawals from an inherited annuity?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"The_decision-making_process\"><\/span>The decision-making process<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>When you inherit an annuity, it can be a significant financial asset. However, deciding what to do with it can be a complex task. You may have several options available, each with its own advantages and disadvantages. To make the best decision for your financial future, it&#8217;s important to carefully consider your options and understand how each one may impact your overall financial plan.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Option_1_Continue_the_annuity\"><\/span>Option 1: Continue the annuity<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>One option is to continue the annuity as is.<\/strong> If the annuity is already providing stable income and aligns with your financial goals, this option may be suitable for you. You&#8217;ll continue to receive regular payments from the annuity as specified in the original contract.<\/p>\n<p>However, it&#8217;s essential to review the terms of the annuity. Some annuities may have specific rules or restrictions on transferring ownership, and you&#8217;ll want to ensure you comply with them. Additionally, consider the tax implications as annuity payments are generally subject to income taxes.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Option_2_Take_a_lump_sum\"><\/span>Option 2: Take a lump sum<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Another option is to take a lump sum payment.<\/strong> In this case, you&#8217;ll receive the entire value of the annuity upfront. While this may appeal to some individuals who prefer a large, immediate influx of cash, it&#8217;s crucial to recognize the potential downsides.<\/p>\n<p>Taking a lump sum may have tax consequences and could push you into a higher tax bracket. Additionally, if you&#8217;re not careful with your spending, you could deplete the funds faster than anticipated, impacting your long-term financial security. It&#8217;s important to assess your financial needs and future goals before choosing this option.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Option_3_Rollover_to_an_inherited_IRA\"><\/span>Option 3: Rollover to an inherited IRA<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>A third option is to rollover the annuity into an inherited IRA (Individual Retirement Account).<\/strong> This allows you to maintain the tax advantages of an annuity while gaining greater control over the investment options and payout schedule. It can also provide potential tax-deferred growth if the inherited IRA follows the required minimum distribution rules.<\/p>\n<p>Review the specific requirements for inheriting an annuity and converting it into an inherited IRA. Take into account any potential fees or expenses associated with the new account, and consider seeking advice from a financial professional to understand the long-term implications for your retirement planning.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions_FAQs\"><\/span>Frequently Asked Questions (FAQs)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"1_Can_I_transfer_the_annuity_to_someone_else\"><\/span>1. Can I transfer the annuity to someone else?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nYes, depending on the terms of the annuity, you may be able to transfer ownership to another individual. However, this transfer could have tax consequences, and you should consult with a financial advisor or attorney before proceeding.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_Can_I_sell_the_annuity\"><\/span>2. Can I sell the annuity?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nIn certain cases, it may be possible to sell the annuity through a process called a &#8220;secondary market annuity.&#8221; However, selling an annuity can have financial implications, and it&#8217;s crucial to evaluate the terms and potential costs before making a decision.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_What_are_the_tax_considerations_of_inheriting_an_annuity\"><\/span>3. What are the tax considerations of inheriting an annuity?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nIn most cases, inherited annuities are subject to income taxes. The specific tax implications will depend on various factors, including the type of annuity and how it is distributed. Consult with a tax professional to ensure you understand your tax obligations.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_Can_I_contribute_the_inherited_annuity_to_my_existing_retirement_account\"><\/span>4. Can I contribute the inherited annuity to my existing retirement account?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nNo, you cannot contribute an inherited annuity to your existing retirement account. Inherited annuities must be held either as an inherited annuity or rolled over into an inherited IRA.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"5_How_are_annuity_payments_taxed\"><\/span>5. How are annuity payments taxed?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nAnnuity payments are generally subject to income taxes. The portion of the payment that represents the return of your principal investment is tax-free, while the remaining amount, considered earnings, is taxable income.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"6_Can_I_change_the_beneficiary_of_the_inherited_annuity\"><\/span>6. Can I change the beneficiary of the inherited annuity?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nTypically, once you inherit an annuity, you cannot change the original beneficiary designation. However, it&#8217;s essential to review the contract and consult with a financial professional to verify the specific terms of the annuity.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"7_Can_I_surrender_the_annuity_for_cash\"><\/span>7. Can I surrender the annuity for cash?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nDepending on the annuity contract, you may have the option to surrender the annuity for a cash value. However, this may come with penalties or surrender charges that reduce the overall value of the annuity, so consider the implications before making a decision.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"8_Are_there_any_penalties_for_taking_early_withdrawals_from_an_inherited_annuity\"><\/span>8. Are there any penalties for taking early withdrawals from an inherited annuity?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nWhile inherited annuities are exempt from the typical 10% early withdrawal penalty for individuals under 59 \u00bd years old, you will still owe income taxes on the withdrawn amount.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"9_What_happens_if_I_do_nothing_with_the_inherited_annuity\"><\/span>9. What happens if I do nothing with the inherited annuity?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nIf no action is taken, the annuity will likely continue providing payments according to the original contract terms. However, it&#8217;s important to remember your future financial goals and consider whether the annuity aligns with them.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"10_Can_I_convert_an_inherited_annuity_to_a_different_type_of_investment\"><\/span>10. Can I convert an inherited annuity to a different type of investment?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nYes, you may have the option to convert the inherited annuity to a different form of investment, such as a mutual fund or stocks. However, this conversion may have tax implications, and you should consult with a financial advisor before proceeding.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"11_How_can_I_avoid_or_minimize_the_tax_impact_of_inheriting_an_annuity\"><\/span>11. How can I avoid or minimize the tax impact of inheriting an annuity?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nWhile it&#8217;s difficult to avoid taxes altogether, working with a tax professional or financial advisor can help you develop a strategy to minimize the tax impact of inheriting an annuity. Options may include spreading out distributions over time or employing other tax planning strategies.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"12_Can_I_take_partial_withdrawals_from_an_inherited_annuity\"><\/span>12. Can I take partial withdrawals from an inherited annuity?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nYes, you may be able to take partial withdrawals from an inherited annuity. However, you should carefully consider the tax consequences and any potential penalties associated with these withdrawals.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The decision-making process When you inherit an annuity, it can be a significant financial asset. However, deciding what to do with it can be a complex task. You may have several options available, each with its own advantages and disadvantages. To make the best decision for your financial future, it&#8217;s important to carefully consider your &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"What to do with an inherited annuity?\" class=\"read-more button\" href=\"https:\/\/namso-gen.co\/blog\/what-to-do-with-an-inherited-annuity\/#more-187135\">Read more<span class=\"screen-reader-text\">What to do with an inherited annuity?<\/span><\/a><\/p>\n","protected":false},"author":48,"featured_media":107420,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86279],"tags":[],"class_list":["post-187135","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-learn","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What to do with an inherited annuity?<\/title>\n<meta name=\"description\" content=\"The decision-making process When you inherit an annuity, it can be a significant financial asset. 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