QLAC Videos Featuring Curtis Cloke, CLTC, LUTCF, RICP

[Steve Savant]

Video interviews with platform speaker and nationally recognized retirement expert Curtis Cloke, adjunct professor at the American College. And as a producer, Curtis is a qualifying member of MDRT and Top of the Table.

http://youtu.be/DYgw8u8Y-gA
http://youtu.be/NOrzntWX4zY
http://youtu.be/NOrzntWX4zY

 

[JoeAnnuity]

Quick question on QLAC's. If the beneficiaries receive a cash refund distribution upon death of the owner, can they roll those funds over to either a spousal or inherited IRA? Or does cash refund become 100% taxable?

 

[Steve Savant]

It is my understanding:

If the beneficiary is a spouse, it may be what the carrier allows. However, in general terms, it is believed that the spouse would have a 60 day rollover provision to move such funds in an IRA in their name. If the beneficiary is not a spouse, there's no perceived method that I'm aware of to extend this to an inherited IRA. If that's the case then it would be a taxable event.

Check with your carrier or tax adviser before moving forward with any of my comments.