One of the more interesting cases I had was with 82-year-old Sid. Ten years ago, using $200,000, Sid purchased an annuity for his caregiver, Rebecca age 50. To ensure Sid would have total control of the money, we arranged to have a Living Trust established making it the owner of the Annuity.
This structure enabled Sid to have total control of the Trust and the Annuity. After his “transition,” with Rebecca the Successor Trustee, it ensured that she would have control of the money in the Annuity.
When Sid died earlier this year, just as Sid and I planned, Rebecca, as the Successor Trustee of the trust now has access to all of the Annuity money.
Over the ten years, the Annuity has doubled and grown from $200,000 to over $400,000. Rebecca, still working as a caregiver is now 60 and on her way to having a nice retirement fund to which she will receive a “pension” payment for the remainder of her life.
If you’d like to learn more about how specific Annuity products can help you meet your financial goals, allow AnnuitySeeker to connect you to a licensed Annuity Advisor in your area.
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