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A contract with an insurance company that guarantees current or future payments in exchange for a premium or series of premiums. The interest earned on an annuity contract is not taxable until the funds are paid out or withdrawn. Withdrawals and income payments are taxed as ordinary income. If a withdrawal is made prior to age 59½, penalties may apply. The guarantees of an annuity contract depend on the issuing company’s claims-paying ability. Annuities have fees and charges associated with the contract, and a surrender charge also may apply if the contract owner elects to give up the annuity before certain time-period conditions are satisfied.
A beneficiary designation is the act of naming the person who will inherit an asset in the event of the account owner’s death. Some common examples include life insurance policies and retirement accounts. When the account owner dies, their assets are then transferred to the beneficiary that they designated.
A capital expenditures are funds used by a family, a business, or a corporation to acquire or upgrade physical assets such as property, a house, or other equipment.
A person will die “intestate” if they die without having a valid will.
A special needs trust is a trust that will preserve the beneficiary’s eligibility for needs-based government benefits such as Medicaid and Supplemental Security Income (SSI). Because the beneficiary does not own the assets in the trust, he or she can remain eligible for benefit programs that have an asset limit.
A special needs trust is a trust that will preserve the beneficiary’s eligibility for needs-based government benefits such as Medicaid and Supplemental Security Income (SSI). Because the beneficiary does not own the assets in the trust, he or she can remain eligible for benefit programs that have an asset limit.
A will is a legal document by which an individual identifies their wishes regarding the distribution of their assets after death as well as the guardianship of any minor children.
Hortin Special Needs Planning is authorized to conduct life insurance business in Utah and may be licensed in other states. Hortin Special Needs Planning cannot conduct life insurance business in states in which we are not licensed.
This website is in no way to be construed as an offer for the sale of insurance products in unauthorized states or countries.
Provided content is for overview and informational purposes only and is not intended and should not be relied upon as individualized tax, legal, fiduciary, or investment advice. Hortin Special Needs Planning, nor their representatives provide tax or legal advice. For answers to specific questions and before making any decisions, please consult a qualified attorney or tax advisor.
Guarantees are subject to the claims paying ability of the issuing insurance company.
Hortin Special Needs Planning Group is not affiliated or endorsed by the Social Security Administration, the Centers for Medicare & Medicaid Services or any other governmental agency.
