Section 1035 Exchange

Section 1035 Exchange

by Richard C. Wilson & Family Offices Group Association Team

Family Office Definition: Section 1035 Exchange

Section 1035 Exchange definition:  IRS code section 1035 allows for the exchange of an existing life insurance or annuity contract for another without owing taxes.  If a life insurance policy is no longer needed, it can be exchanged for an equivalent tax-deferred annuity.  The exchange can be done during a lifetime in planning for the estate passed on to heirs.

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