File Your Representative Payee Report. The SSA requires that a representative payee file an annual accounting called the Representative Payee Report. This report details what you, as the representative payee, have done with the beneficiary's funds during the previous year.
You can roll over an inherited qualified annuity. This type of annuity resides in an individual retirement account or employer plan. A nonspouse beneficiary has limited options regarding how to roll over the annuity and when taxes are due.
With deferred annuities, there are surrender charges to get your money out of the product. For example, if the surrender charge on an annuity was 7% and your accumulation (i.e. walk away) value was $100,000â¦â¦..you would receive $93,000 if you fully surrendered the policy.In my opinion, surrender charges are âfeesâ and should be considered when making an annuity buying decision.If you sell a deferred annuity that is past its surrender charge, then there are no fees to sell. But if you sell your 10 year deferred annuity in year 5, then you will be charged a fee to sell.Always remember, surrender charges are fees.or example, if the surrender charge on an annuity was 7% and your accumulation (i.e. walk away) value was $100,000â¦â¦..you would receive $93,000 if you fully surrendered the policy.