Dad died almost a year ago, and it sounds like this decision needs to be made this week. Dad’s instructions were to just move the annuity, which is with a life insurance company through their credit union, into mom’s name and let it roll. I am in the process of setting up a trust for mom, and as I have been reading about annuities it seems that not only do most people not like them as investments, but that they feel they are rip-offs.
I am am not financially savvy, and through a series of difficult circumstances I am getting handed the financial side of the estate issues to deal with on my own.
I have a good elder care attorney. He is leading me through the trust process with mom, who is heading into dementia. Mom recently had brain surgery which has not helped her cognitive abilities as we had hoped it would. I had planned on getting an accountant after the trust was in place. I hadn’t ever considered doing anything other than what dad had instructed with the annuity.
My parents’ finances were/are very simple. A small house fully paid for, dad had an annuity, mom has an annuity, a CD, two bank accounts. Not a lot of money, but enough.
The one-year date on dad’s death is this Saturday. I know this is late in the game, but is it worth doing a big push to figure out something different to do with the annuity?
My my brother and I share durable POA. Thanks!