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IRS Opens Door in Private Letter Ruling for Sec. 1035 Exchange by Beneficiary of Fixed and Variable Inherited Annuities
Michael Kitces in Nerd's Eye View 
[Guidance Overview] July 31, 2013
"PLR 201330016 granted the beneficiary of a series of several fixed and variable non-qualified inherited annuities to complete a 1035 exchange of those contracts into a new variable annuity to gain access to more appealing investment returns. In the IRS' viewpoint, the beneficiary-as-inheritor had sufficient ownership and control of the inherited annuity to allow the exchange, and permitted the exchange to occur, as long as the technical requirements for the 1035 exchange were honored, and the beneficiary committed to taking post-death distributions from the new annuity at least as rapidly as were occurring under the old contract."
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