Idaho Insurance Department Says To Be Cautious Of Annuity Tax-Break Offers

Dec. 22/chron>—Be cautious about handing over ownership of annuities or buying charitable-gift annuities to get year-end tax breaks, the Idaho Department of Insurance/org> warned Thursday.

“The latest year-end tax-saving promise asks consumers to sign over annuities to an out-of-state organization in order to receive a tax break in return,” said Bill Deal/person>, department director. “If your family, tax advisor or attorney, as well as your insurance agent, haven’t heard of this great deal, something may be wrong.”

Some annuity exchange- and charitable-type products that are offered outside the Idaho/location> department’s authority could lack consumer protections that the department has in place.

Established annuity transfer programs like those offered by colleges and universities are probably safe, but Idahoans should still talk to a financial adviser about them and do their homework before making a decision, the department said.

Consumers with questions should call 334-4250 in the Boise/location> area and (800) 721-3272 throughout the state. Read more at insurancenewsnet.com