Updated Thursday, October 2, 2014 as of 2:25 AM ET

IRS Approves Post-Death Annuity Exchange

Clients who inherit an annuity may now have a few more options, thanks to a recent private letter ruling from the IRS. Rather than being bound by the terms of the decedent's contract, beneficiaries may be able to exchange inherited contracts for newer, higher-paying contracts, according to PLR 201330016. Such an annuity might have lower costs, come from a stronger company, offer better investment options or have more desirable features.

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