AIG IRA American General Life Annuity Contract

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Chris K Jones
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Joined: Sat Jan 20, 2018 6:54 pm

AIG IRA American General Life Annuity Contract

Post by Chris K Jones » Sat May 23, 2020 11:15 am

I am the Executor for my mother's estate. She had 2 IRAs with AIG. These were invested in or deposited with American General Life Annuity contracts. The beneficiary for both policies is her Estate. The amounts are relatively small (combined value of about 65k). AIG tells me that the only thing I can do with these is take lump sum distributions. They say that they cannot be transfered to inherited IRAs for the Estate's beneficiaries. Does this sound right? Is there any way around this? The customer service people at AIG are poorly informed so I don't trust them. If possible, I would like the Estate's beneficiaries to receive inherited IRAs for their shares so they can defer the taxes. Thank you very much.

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Joined: Thu Nov 21, 2019 12:03 am

Re: AIG IRA American General Life Annuity Contract

Post by Monsterflockster » Sat May 23, 2020 11:33 am

I don’t have any advice for you here but just wanted to say good luck. I’m on my 4th attempt to rollover money from my previous employer to a vanguard Ira. I’ve now just asked for a cares act withdrawal hoping that is easier. I’m guessing not.

Best of luck In dealing with them!!!

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