Trusts & Estates Law/Annuity


My Dad just passed away in March and the only thing he left was an annuity with a $40,000.00 balance in it.  I am listed as the beneficiary with instructions from my Dad to equally divide it between the 4 kids (Me, a sister and 2 brothers)  Hartford just told me that I would be getting a 1099.  I do not want to be hit with the entire tax burden when I am splitting the money between us and also I am going to be in a very high income bracet in 2014 due to I took money from my 401K to pay taxes for 2013 due to a 401K withdrawal to purchase a home.  What can I do?

Hi Gayle,

The insurance company should be able to let you create your own annuity and continue the deferral.  Did you ask them about that?  If you already have the money then it is too late.  I am surprised that they didn't offer you that as an option.  



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David Disraeli


I can answer general questions about estate planning and trusts. I can also answer questions about estate tax reduction and advanced charitable giving, family partnerships and asset protection. I may have already answered your question here: or here


I have worked for 24 years with clients and their attorneys to formulate estate plans to meet client goals. I have found many mistakes made by client attorneys and were able to have them corrected. I focus on making sure that beneficiaries are protected from current or future spouses and lawsuits so the wealth stays in the family. I have also published a book on Aging Parents which can be found on Amazon

President and founder of The Personal CFO Inc.


Certified Financial Planner 1994

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