June 24, 2008
In Yankton South Dakota Can Whole Life Insurance Cash Value Be Converted
By admin in Yankton, South Dakota
Readers Question: When whole life cash value is converted to annuity is it taxable, in Yankton, South Dakota?”
Yankton, South Dakota is commonly referred to as the ‘River City’, due to its close proximity to the Missouri River, and the importance that it played in the city’s settling and subsequent de
velopment.
Answer to Readers Question: No, in that specific cirumstance it is tax emempt. This is known as a “1035 exchange,” therefore it is not taxable.
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