In an annuity arrangement, if J purchased the annuity and M receives the benefits, who is recognized as the annuity owner?

In an annuity arrangement, the individual who purchases the annuity is recognized as the owner, regardless of who receives the benefits. In this case, since J is the person who purchased the annuity, J holds the ownership rights. This ownership includes the rights to make decisions regarding the annuity, such as changing beneficiaries, accessing cash values if applicable, or transferring the annuity. The benefits can be designated to another individual, in this case, M, but that does not change the ownership status. The person named as the recipient of the annuity benefits does not have ownership unless they are also the purchaser. Thus, J is the correct answer as the annuity owner.