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Goodman Rule

An understanding of the Goodman Rule is helpful in ownership and beneficiary changes. The result of the Goodman Rule is that for life insurance and annuities, the owner must also be either the insured (annuitant) or the beneficiary. If the owner, insured and beneficiary are three different persons, then the death of the insured results in the owner making a taxable gift to the beneficiary.





Last Updated: 9/23/2012 10:05:00 PM