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annuity ownership: Original post by Alexis Lawrence of Demand Media A non-qualified annuity is an annuity account funded with income that has already been taxed. When a person purchases an annuity, the payout of that annuity is based upon the lifetime of the annuitant, not the life of the original owner of the annuity. So you can change the owner of a non-qualified annuity at any time.

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