certificate for trust or entity of non-natural owner.pdf note that certain revocable/grantor trusts

Download Certificate for Trust or Entity of non-natural owner.pdf note that certain Revocable/Grantor Trusts

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  • Certificate for Trust or Entity Ownership

    1. Entity Information

    Name Date of Establishment (MM/DD/YYYY)

    Address (Street) City State Zip

    PAGE 1 OF 3130797 (8/16)

    Issuer: John Hancock Life Insurance Company (U.S.A.), Lansing, MI (not licensed in New York) Issuer in NY: John Hancock Life Insurance Company of New York, Valhalla, NY

    Introduction

    Instructions Complete this form when applying for ownership of a non-qualified annuity contract with a trust or entity. Examples include contracts owned by trusts, partnerships, corporations or charitable entities that are not issued in conjunction with a qualified retirement plan.

    Questions about this form?  1-800-344-1029

    Contact us: 7 FAX 1-617-663-3160

     See the end of this document for return instructions

    Please indicate one of the following: New Contract (application attached)

    Existing Contract Number: ________________________________________________________________ When changing ownership of existing contracts, this form must accompany the change of owner and/or beneficiary form (#1307217) which is available on www.jhannuities.com.

    Please note the following: The purpose of this form is to ensure that non-qualified annuity contracts held by a non-natural person or entity will be tax-reported pursuant to the Internal Revenue Code. Under IRC Section 72(u), an annuity contract owned by a trust or other entity, rather than a natural person, generally is not treated as an annuity contract for federal income tax purposes. Instead, the earnings under the contract are currently taxable to the owner, even if the earnings are not immediately withdrawn from the contract.

    There are several exceptions to this general rule, however, and it is possible that one of these exceptions applies to your contract. If one of the exceptions applies, your contract will be treated for federal income tax purposes as an annuity, and thus the earnings typically will not be taxed until you withdraw them from the contract.

    Established in the State of Phone Number

    2. Type of Entity

    A) Please specify the type of entity from the applicable section below (check only one):

    M Revocable Trust Trusts M Irrevocable Trust

    M Charitable Trusts (CRT, CLT, CRAT, etc. – not permitted on certain annuities)

    John Hancock takes the position that for tax purposes, if all the beneficiaries are individuals, an annuity contract held by a trust may be treated as holding the annuity contract as agent for a natural person. Therefore, if we have documentation certifying that all beneficiaries are individuals, we will treat such trusts as having tax deferral and will only issue an IRS Form 1099-R when there has been a distribution for that year.

    Charitable trusts are tax-exempt entities and therefore not subject to taxation. Consequently, John Hancock will not issue an IRS Form 1099-R to reflect any income to such trusts. All necessary tax reporting of income to the settlor is the responsibility of the trustee(s).

  • 130797 (8/16) PAGE 2 OF 3

    2. Type of Entity (continued)

    Contract Number:

    Taxable Entities (NON) M Partnership (including LLP and Family Partnerships) M Corporations

    M Limited Liability Company

    M Other ______________________________________________ (subject to John Hancock approval)

    Annuity contracts owned by any of the taxable entities above do not generally receive tax deferral. John Hancock will issue an IRS Form 1099-R annually to report any gain within the contract as well as any distributions from the contract. John Hancock expresses no opinion with respect to the suitability of an annuity as an investment in a non-qualified deferred compensation plan. The administration of any such plan is the sole responsibility of the employer. Employees may want to consult with their legal and tax counsel before using an annuity in a non-qualified deferred compensation plan.

    B) Please list all of the beneficiaries (and dates of birth) of the Trust or the authorized Corporate Representative(s) below:

    M Charitable Organization or Foundation (including churches or hospitals) M Educational Institutions

    M Other ______________________________________________ (subject to John Hancock approval)

    Tax-exempt entities are not subject to taxation and therefore John Hancock will not issue an IRS Form 1099-R in connection with any gain or distribution from an annuity contract owned by such an entity. John Hancock expresses no opinion with respect to the suitability of an annuity as an investment in a 457(f) plan. The administration of any such plan is the sole responsibility of the employer. Employees should consult with their legal and tax counsel before using an annuity in a 457(f) plan.

    Date of Birth (MM/DD/YYYY)Name (First) (MI) (Last)

    Date of Birth (MM/DD/YYYY)Name (First) (MI) (Last)

    Date of Birth (MM/DD/YYYY)Name (First) (MI) (Last)

    Attach a separate sheet of paper if you need to list more beneficiaries. This information is for tax reporting purposes only and does not determine the beneficiary(ies) of the contract. John Hancock will pay any death benefit according to the beneficiary(ies) listed on the contract.

    3. Disclosures

    For Venture and Wealthmark Variable Annuities Only — Important Information about Annuitization and Change of Annuitant:

    As disclosed in our prospectus, special rules apply with regard to annuitization and/or change of annuitant in cases where a non- natural person or entity is the owner of a non-qualified contract. In such cases, any change in the annuitant or co-annuitant (including death of any annuitant) shall be treated as the death of the owner, and the entire interest in the contract (contract value) must be distributed to the contract owner within five years. When the contract owner is a trust and the annuitant dies, the contract may be distributed to the trust within five years; this may result in unintended consequences for certain beneficiaries. Please also note that certain Revocable/Grantor Trusts become irrevocable upon the death of the Grantor. When the owner is an Irrevocable/ Non-Grantor Trust (or any non-natural entity) and the contract is annuitized, the annuitant becomes the owner of the contract and all distributions may be disbursed to the annuitant — not to the trust/entity. Please read the trust document carefully and consult with your tax or legal representative before making a decision on any investment.

    Special Situations Requiring Prior Company Approval:

    Certain entities and special situations not noted on this form may require advance approval from John Hancock. Additional documentation may be required at the discretion of John Hancock. Each special situation will be reviewed and handled on a case- by-case basis, and a determination regarding tax consequences and tax reporting will be made after a review of the circumstances.

    Tax-Exempt Entities (NQT)

  • 130797 (8/16) PAGE 3 OF 3

    Please enclose and mail to:

    This document is intended for informational purposes only in order to explain John Hancock’s general interpretation of federal tax-reporting requirements and procedures. It does not constitute tax advice and does not modify the terms and conditions of your contract. John Hancock procedures may change at any time without notice and may differ based upon the facts and circumstances presented. Please consult your tax representative regarding your particular situation before proceeding.

    Submission Instructions

    Contract Number:

    4. Signatures

    The individuals listed below will have all rights of contract ownership. Unless instructed otherwise, John Hancock will require all signatures. Applicant(s) must be listed below as authorized signers.

    Issuer: John Hancock Life Insurance Company (U.S.A.), Lansing, MI (not licensed in New York) Issuer in NY: John Hancock Life Insurance Company of New York, Valhalla, NY

    M All must sign M May sign individually

    Dated at (Location) on (MM/DD/YYYY)

    Signature of Authorized Signer/Trustee

    SIGN HERE

    Printed Name of Authorized Signer/Trustee

    Today's Date (MM/DD/YYYY)

    Signature of Authorized Signer/Trustee

    SIGN HERE

    Printed Name of Authorized Signer/Trustee

    Today's Date (MM/DD/YYYY)

    Signature of Authorized Signer/Trustee

    SIGN HERE

    Printed Name of Authorized Signer/Trustee

    Today's Date (MM/DD/YYYY)

    National Contracts John Hancock Annuities Service Center P.O. Box 55444 Boston, MA 02205-5444

    Questions: 1-800-344-1029

    8 www.jhannuities.com

    All Contracts Overnight Deliveries John Hancock Annuities Service Center 30 Dan Road, STE. 55444 Canton, MA 02021-2809

    To fax this form: 1-617-663-3160

    7 Questions (NY Contracts): 1-800-551-2078

    New York Contracts John Hancock Annuities Service Center PO Box 55445 Boston, MA 02205-5445

    Your�account�at�your�fingertips Register at www.jhannuities.com.

  • Form W-9 (Rev. October 2018) Department of the Treasury Internal Revenue Service

    Request for Taxpayer Identification Number and Certification

    Go to www.irs.gov/FormW9 for instructions and the latest information.

    Give Form to the requester. Do not send to the IRS.

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