Taxpayer has a TIRA with a bank as custodian. Bank is the owner of a fixed indexed annuity, with taxpayer as annuitant. (This is a bad arrangement, but let’s concentrate on the solution.) Taxpayer is unhappy with the performance, and had the bank elect a five-year annuitization to get out of the annuity, which has long and high surrender charges. Taxpayer inadvertently agreed to monthly payout, so money goes directly from insurance co. to new custodian (to avoid the once per year rollover issues). Bank, however, imposes a $25 per check fee (even though not actively involved in any transaction monthly).

Insurance company has agreed to change ownership of the annuity from bank to taxpayer. I can’t determine whether this is a change of ownership of the TIRA, or just a custodian change.

Can anyone help?

Danny Marbell, Jr.