What Happens to Your Annuity If You Move States?

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Hi there, Stan the Annuity Man,

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America's annuity agent licensed in all

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50 states. I like doing that. I don't

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know why I need to be a lead singer or

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something, you know? Don't you agree?

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Lead singer for like a rock band or

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something like that. Today's topic is a

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good one. What happens to the annuity?

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How does it work when you move? Hey, I'm

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living in California, moving to Idaho,

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and then I'm moving to Texas, and then

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I'm moving to Tennessee. How does it all

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work? What happens to the contractual

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guarantees? What happens to the state

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guarantee fund? What happens when you're

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rolling, rolling, rolling,

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rahan, moving, moving, moving? And hey,

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we're in a we're in a transitory

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environment. You might be fleeing a high

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tax state to a low tax state. I would

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be. I mean, because I don't like paying

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those taxes.

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But that's coming up a lot. People are

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saying, "Hey, what happens? What

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happens, Stan the Annuity Man? If I want

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to go out of the country, I want to

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expatriate out of this crazy place. What

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happens then? I'm going to tell you all

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that because I have all the answers

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because I'm staying the nudity man,

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America's newly agent after this.

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[Music]

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All right. So, you bought the annuity,

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right? You're you're living in Montana

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and you're going to move to Texas. What

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happens? Stand the annuity man. what the

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heck happens? Well, if it's a lifetime

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income stream annuity, um, if you want

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to change banks, you you know where the

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money is going to be hitting every

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single month, let us know. We'll help

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you with those forms and and set that up

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for you to make sure that you're the

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continuation of that income stream is

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going to happen. But let's talk about it

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from a logistical standpoint of state

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guarantees. What happens to the state

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guarantee fund? And if you don't know

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this, let me tell you. Fixed annuities

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are backed at the state level. Um, each

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state has has what's called a state

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guarantee fund. It is not, let me

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repeat, it is not

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as good as FDIC or SIPC insurance, but

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it is coverage for the annuity industry.

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And that site is is obviously www.

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nolhga.com.

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nolga.com.

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You can look at that. But what happens

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when you move from Montana to Texas or

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wherever the state to state, the state

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that you have residence in, your new

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state of residence, the state guarantee

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fund applies in that new state. Okay?

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The contractual guarantees don't change

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that you bought. Nothing changes uh

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except for probably your bank account

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because you're going to have a different

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bank. Maybe, maybe not. If so, we can

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help you with that. But the state

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guarantee fund applies at your state of

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residence. So, that's what happens when

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you're moving. You're also going to have

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to alert us. Obviously, I'm assuming

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you're going to be a stand the annuity

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man, theanuityman.com client with uh

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greatest team on the planet. I mean, we

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will take care of you. You're going to

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have to let us know your new mailing

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address and all that stuff so we can

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coordinate that with the with the

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carriers. Make sure that they get that.

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Make sure you're getting your statements

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and and all of that stuff. All of the

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administrative stuff when you move,

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please let us handle that for you. if

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you're a client obviously uh and I hope

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you will be but that's what happens if

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you're moving let's talk about moving

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out of the country this is a little bit

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more detailed as you can well imagine

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but more and more we are seeing people

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move out I I did a recent podcast oh by

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the way we have what's called the fun

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with Annuities podcast we just uh have

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hundreds of them which is good um

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actually actually at the time of this

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taping I I think we just surpassed 100,

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but maybe you're watching this two years

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from now. We do them weekly um all major

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podcast platforms. It's called Fun with

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Annuities, and I have experts on all

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different genres. You know, we don't

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talk about annuities, we talk about

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everything else. One expert I had on was

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a person that specialized in helping

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people move from the United States to

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other countries, whether that's Panama

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or Nicaragua or Costa Rica, whatever,

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Mexico. Um, I think they do a lot of

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people move to Asia, some some countries

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in Asia. Um, it's happening more and

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more. People I think are just it's not

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that they're mad with the political

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environment. I guess they can be, but a

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lot of times it's just on people's

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bucket list. They can go to these

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places. It's a little bit lower standard

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of living. It's it's an adventure. It's,

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you know, you only live life once and

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you're doing that. But how does that

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affect annuities? Um, first of all, you

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can't buy an annuity unless you are a

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resident of a state. you have a social

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security number, you have, you know,

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you're living in, you're living here in

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the States, you can buy it. But if you

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move the, let's just say you buy an

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immediate annuity, you got getting

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lifetime income from that immediate

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annuity and you move to Panama, um,

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we're going to have to obviously change

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what bank that's going to hit. A lot of

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people that do this and that are advised

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by people that are in that business to

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help them move to another country. They

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advise them to choose a global bank that

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has not only branches in the United

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States but branches in that country that

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they're going to. So there's a seamless

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transition from a banking standpoint.

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That makes sense. But we are very very

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very very cognizant of the fact that uh

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under the Patriot Act, we are we we're

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our radar is up for what's called

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moneyaundering. and um you know we are

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very cognizant to that. We're we're

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going to ask a lot of questions on when

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you're moving, how you're moving, etc.,

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etc. But if all of that checks out, then

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you can move and the annuity comp the

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annuity uh guarantees continue

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uninterrupted and unchanged even though

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you might be living now in Costa Rica.

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Just understand when you buy contractual

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guarantees, regardless of where you

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decide to live, they're going to remain

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intact. They're not going to change just

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because you moved. The changes that

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you're going to have to address with us

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re revolve around the administrative

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side where the money is hitting the

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bank, the the the mailing address, etc.

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And the annuity companies are very

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professional. They're very well-run and

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they know this is happening and they

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are, you know, cognizant of the steps

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that need to take place and they're

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checking off the box boxes too to make

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sure it's not money laundering as well

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because I read something the other day.

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I don't know if this is completely true,

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but life insurance and annuities is a

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target for people to try to launder

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money. I would I guess every single

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financial instrument is like that, but

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um you know, we will ask some questions

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about what you're trying to do, etc. But

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if that's in the back of your mind,

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first of all, listen, the podcast I did

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on that was great. Uh but second of all,

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we can help you with that move, whether

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it's moving domestically in in ter

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inside the United States or if it's

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moving outside of the United States. So

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here's the bottom line about moving.

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Once you own an annuity and you're going

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to move, whether you're moving

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domestically within the United States or

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you're moving outside of the United

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States, okay, understand this. The

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contractual guarantees don't change. You

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bought the annuity for what it will do,

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not what it might do. Studio, right? And

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you own it for the contractual

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guarantees. The contractual guarantees

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are not going to change at all. If

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you're moving inside the United States,

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what changes is the state guarantee

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coverage from from where you're coming

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going coming from to where you're going

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to. So if you move from the example I

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gave from Montana to Texas, instead of

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having Montana state guarantee coverage,

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you now have Texas state guarantee

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coverage. But I think the biggest thing

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with this topic, obvious obviously we

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want you as a client, if you are a

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client, we need you to communicate with

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us. You know, everything is about

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communication, right? Um, you know, we

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had a a situation the other day where

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the person's multi-year guarantee

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annuity matured and you know, we wanted

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to the person said, "Hey, you know, I

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want you to send me the check. I'm not

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going to transfer. Just send me the

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check." But they were moving and they

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really didn't have an address. No, you

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need to be a little bit better than

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that, a little bit more proactive that

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let us know ahead of time so we can get

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everything in place to make that part of

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your move seamless. I mean, when you

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come to us at theanuityman.com and you

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become a client, then we're going to

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handle all that administrative stuff, so

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you don't have to worry about it. But we

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do need you to communicate if you do

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decide to move and we certainly can help

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you if you want to move an expatriate

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outside the United States. We can we've

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done that before. We've been to that

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annuity rodeo before. It's something

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that we can do. So, with that, hey, it's

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all good. You buy contractual

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guarantees, you own contractual

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guarantees. Doesn't matter where you

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live because you own contractual

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guarantees. Hey, do me a favor. Click

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the subscribe button. I don't know what

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I'm pointing to. I'm getting ready to

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point to that. Click the subscribe

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button. Put the comments down there.

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Share this with your friends and your

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not friends. And I'll see you on the

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next Stan the Annuity Man YouTube video.

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[Music]