Strategies for Protecting Wealth
by Darrell Aviss
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Learn MoreHOW TO DO A 1035 TAX-FREE EXCHANGE
Under existing US tax law, any life insurance or annuity policy may be exchanged tax-free for a Swiss Annuity by using a 1035 Tax-Free Exchange. You assign the insurance policy to a Swiss or Liechtenstein insurer who will issue a new policy.
Below is a summary of the procedure.
Please note that you cannot change the owner, person insured, or beneficiary at the time of exchange.
The procedure
1.
Complete the application forms for a Swiss Annuity.
2.
Send SwissGuard the original policy together with the application forms.
3.
To go ahead with the exchange, sign the Absolute Assignment Form and send it to SwissGuard.
4.
Your Swiss or Liechtenstein insurance company will then request the surrender of your policy and the proceeds will be sent directly to the new insurer. It is vital that you do not receive the cash value yourself. SwissGuard will help you to make sure that the surrender value will be transferred directly from one insurance company to the other.
5.
You will receive your certificate within approximately four weeks after the new insurer has received the transfer of the surrender value.
