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1035 Exchange and Trustee Transfer Request Form The United States Life Insurance Company in the City of New York A subsidiary of American International Group, Inc. (AIG) Name of current Company/Trustee/Custodian:

How to fill out 1035 exchange and trustee

How to fill out 1035 exchange and trustee:

1. Gather all necessary information and documentation related to the existing life insurance or annuity policy.
2. Research and identify potential replacement policies or annuities that meet your financial goals and needs.
3. Contact the insurance company or financial institution handling the new policy or annuity to initiate the 1035 exchange process.
4. Obtain a 1035 exchange form from the insurance company or financial institution and carefully fill out all required sections.
5. Provide accurate details regarding the existing policy or annuity being exchanged, including the policy number, owner name, and surrender value.
6. Specify the desired replacement policy or annuity details, such as the company name, policy number, and investment options.
7. Attach any additional documentation required, such as a copy of the existing policy or annuity contract.
8. Review the completed form for accuracy and ensure all necessary signatures are obtained.
9. Submit the filled-out 1035 exchange form to the insurance company or financial institution managing the new policy or annuity.

Who needs 1035 exchange and trustee:

1. Individuals who hold an existing life insurance policy or annuity and wish to replace it with a more suitable or beneficial policy or annuity.
2. Policyholders who want to transfer investment gains from an old annuity or life insurance policy to a new one without incurring tax liabilities.
3. Individuals who seek to consolidate multiple insurance or annuity policies into a single policy for simplicity and ease of management.
4. Those who want to take advantage of better benefits, improved investment options, or lower fees offered by a different insurance company or financial institution.
5. Trustees overseeing trusts that hold life insurance or annuity policies may also need to consider 1035 exchanges to ensure the trust assets are optimized and aligned with the trust's objectives.

For pdfFiller’s FAQs

What is 1035 exchange and trustee?

A 1035 exchange refers to a provision in the U.S. tax code that allows for the tax-free exchange of certain life insurance, annuity, and long-term care contracts. A trustee is an individual or entity responsible for managing the assets held in a trust.

Who is required to file 1035 exchange and trustee?

The individuals or entities involved in a 1035 exchange, such as the policyholder, insurance company, and trustee, may be required to report the exchange to the relevant tax authorities.

How to fill out 1035 exchange and trustee?

To fill out a 1035 exchange form, you will typically need to provide details about the existing insurance or annuity contract being exchanged, as well as information about the new contract. The trustee may also need to submit relevant documentation and disclosures as required by the tax authorities.

What is the purpose of 1035 exchange and trustee?

The purpose of a 1035 exchange is to allow individuals to transfer funds from one insurance or annuity contract to another without incurring immediate tax liabilities. The trustee plays a role in facilitating and ensuring compliance with the exchange process.

What information must be reported on 1035 exchange and trustee?

The specific information required to be reported on a 1035 exchange form may vary depending on the jurisdiction and tax authorities involved. Generally, it may include details about the policyholder, insurance or annuity contracts, financial transactions, and any tax-related information.

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