A provision of the Pension and Protection Act of 2006 went into effect this past January first which allows for a tax-free exchange (a Section 1035 exchange) of annuities for long term care coverage.
However, Investment News reports that there has been very little of this type of activity since the first of the year.
Apparently broker-dealer have been reluctant to support the transactions as the required paperwork is an extraordinary burden.
Source: Investment News
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