annuity
Am I able to transfer ownership of my annuity to my child
Terry Says
That depends on the annuity. If you are receiving monthly checks for life — an “immediate” annuity — then no, you can’t transfer. But you can gift the income to your child.
If it is a tax-deferred annuity, the insurer might have penalties for the sale and restrictions on when that can happen. And it could also create a taxable event for you.
Check with the insurance company regarding your specific product, and be sure to ask if any taxes would be involved from the point of view of the insurance company. (Your gift of any asset to your child is not taxable — unless it is for a huge amount of money!)
