THIS THOUGHT ON ANNUITIES MIGHT SAVE YOUR FAMILY A LOT OF MONEY.

Suppose you have an annuity and you die. It passes to your children. There is a good chance they will have to pay tax on a lot of the growth of that annuity while you were alive. They will have to pay the tax you would have had to pay. So they will not inherit the full value of your annuity.

Meanwhile, if you left life insurance to them, they would collect it without paying tax. That is the law.

Suggestion: Convert your annuity to life insurance. You can use the value of the annuity to buy more life insurance than the annuity is worth. That increased value then goes to your family without taxes.