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12min chapter
Annuities: What Every Advisor Needs to Know with Guest Brian Smith [Episode 275]
The Perfect RIA
Taxation and Annuities: Key Insights
This chapter explores the taxation implications of cashing out non-qualified annuities, emphasizing the LIFO principle for distributions where earnings are taxed before the investment amount. It highlights the complexities surrounding tax liabilities, including practical examples related to nursing home expenses and the significance of annuitization in managing taxes and Medicaid planning. Advisors are urged to understand the nuances of annuities to avoid costly errors in client advising and ensure alignment with financial objectives.
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