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I am one of three beneficiaries of a variable annuity left to me by my father. The other two beneficiaries have all taken their benefits in cash. I chose an option to defer payout for five years, because I am in a high tax bracket and will be retiring in about three years.

After some investigation I realize that the expense ratio for this particular annuity is very high. I am wondering if there is any way to exchange this money into a lower cost annuity of my own chosing? I think I could do this if I owned the annuity contract, but in this case the annuity contract is still in my father's name.

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