Can you gift an annuity?
Iíve owned a variable annuity since you could withdraw principal first, about 40 years. I did withdraw the initial investment a long time ago, but the balance has still grown to over $70k.
I wonít need the asset, nor would my heirs.
Iíve named charities of my tax deferred accounts like regular IRAs as beneficiaries, understanding that those assets go out of my estate without any income tax consequence.
I was going to change the beneficiary of the annuity to a charity, avoiding income tax on the balance, but I thought about making the gift during my lifetime.
When I Google this all I get is info on Charitable Gift Annuities, which is not what I want.
Can I just assign ownership to a charity? If so, what are the tax consequences?
You know that suit they burying you in? Thar ainít no pockets in that suit, boy.