What is a Non Qualified Annuity?
The other day I stopped by a deli to grab a sandwich for lunch. Since it was cash-only, the process was simple for all parties involved. I order my sandwich, hand them a $10 bill, get my change, and walk out with my lunch. And, the deli will eventually deposit that money into their bank account to pay for their expenses. If only it were that simple when it comes to purchasing annuities. See, one can not simply walk into an annuity company, throw down some cash, and leave with an annuity. Instead, how you fund premium will have ramifications on how the annuity is taxed and distributed. Generall...