Every quarter, I share this opportunity with you. And, every quarter two or three of you call me or my internal Justin with a case. So, it bears repeating.
Look into your book of business. Look at your clients who are over 85 and examine where their monies are held. If they hold money in deferred annuities, then this opportunity is for you.
Take a look at that annuity – is it maturing?
Meaning, does your client have to take the money or take the money as an installment? Either way, taxes will be paid on the gain when distributed.
Consider this – your client has that money in their deferred annuity growing and has never touched it. It might be the legacy that they intend to leave for their grandchildren or their emergency fund. Regardless, the maturity of that annuity is forcing the liquidation and taxation of that plan. On top of that, taking those proceeds may trigger a tax increase that might impact their means tested benefits.
With this in mind, what can you do?
Legacy Care from OneAmerica is a simple deferred annuity that you can 1035 exchange an existing deferred annuity into which will allow your client to continue to grow those annuity monies. It works up to the age of 99.
So, you have an option to the forced liquidation and taxation of a maturing annuity.
One last thing – please note that the holidays will impact business. Here are the OneAmerica Holiday Hours. Please note that I will be on vacation from November 20-28 and December 23 to January 3.
To discuss what we can do to help you, schedule a meeting with me (virtually or in-person) – you can call or text me at (678) 512-9627 or via email at firstname.lastname@example.org
Join Michael Florio and me on our weekly webcast LTC Coffee Break where we share new ideas with you every Tuesday morning at 10 am. LTCcoffeebreak.com is your home page to everything LTC Coffee Break including new episode, an archive of every broadcast, and much more.