Legal Question in Family Law in Massachusetts
annuity
i've been just divorced and have been awarded half of an annuity. I was married 37 yrs. should i take the whole thing up front .If I put all or part in another fund will i be ok from high tax.this is coming from a massachusetts fund.
2 Answers from Attorneys
Re: annuity
Take to a tax accountant who can evaluate the options, from which you can make a decision. This is not a legal question.
Re: annuity
You need to contact an accountant familiar with annuities for your best advice. If you can role the annuity into a new annuity tax free, that would probably be best.
Generally, once an money is withdrawn from an annuity fund it is taxable. You also need to know, how much was actually contributed to the annuity, so if you do withdraw funds you can prorate the contribution with the money withdrawn.
Good Luck
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