Idaho Insurance Department Says To Be Cautious Of Annuity Tax-Break Offers
December 28, 2011 by N/A
December 22, 2011
By The Idaho Statesman, Boise | |
McClatchy-Tribune Information Services |
Dec. 22–Be cautious about handing over ownership of annuities or buying charitable-gift annuities to get year-end tax breaks, theIdaho Department of Insurancewarned Thursday.
“The latest year-end tax-saving promise asks consumers to sign over annuities to an out-of-state organization in order to receive a tax break in return,” saidBill Deal, department director. “If your family, tax advisor or attorney, as well as your insurance agent, haven’t heard of this great deal, something may be wrong.”
Some annuity exchange- and charitable-type products that are offered outside theIdahodepartment’s authority could lack consumer protections that the department has in place.
Established annuity transfer programs like those offered by colleges and universities are probably safe, but Idahoans should still talk to a financial adviser about them and do their homework before making a decision, the department said.
Consumers with questions should call 334-4250 in theBoisearea and (800) 721-3272 throughout the state.
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(c)2011 The Idaho Statesman (Boise, Idaho)
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