Definitions for "PRIVATE ANNUITY"
A type of annuity contract between the annuitant and someone other than an entity that is regularly engaged in the business of issuing annuities (e.g., insurance companies). The primary purpose of a private annuity is to reduce estate taxes by eliminating assets from the estate of an individual during his or her lifetime. This is usually accomplished when an elderly family member transfers assets to a younger family member who makes an unsecured promise to pay a lifetime annuity to the transferor.
a contract that provides for specified payments to the named annuitant during the annuitant's lifetime
an annuity contract issued by an individual rather than a commercial insurance company
Keywords:  discussed, little, device
a much discussed but little used device
a contract between private individuals
an estate planning tool under which an individual
Keywords:  agreement, parties, sale, two
an agreement of sale between two parties,