Is there an age limit specified with regard to creating a G.A.?
Yes, the current Foundation Board requires the annuitants or income beneficiaries must be 60 years of age when the G.A. is created and funded. Q: You mentioned funding a G.A. with cash or with appreciated assets (publicly listed and publicly traded securities). Does the income received differ with the different type of assets used to fund the G.A.? A: Yes. If you fund a G.A. with only cash, you will receive tax-free income (viewed as return of principal) and ordinary income. If you fund the G.A. with appreciated assets, you will normally receive ordinary income, tax-free income (return of principal), and some capital gain income.
