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| Title: | Market Investing |
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| Moderator: | 2155::michaud |
|
| Created: | Thu Jan 23 1992 |
| Last Modified: | Thu Jun 05 1997 |
| Last Successful Update: | Fri Jun 06 1997 |
| Number of topics: | 1060 |
| Total number of notes: | 10477 |
986.0. "Shielding Assets with an Annuity" by IVOSS1::VILLALOBO_GI () Fri Mar 15 1996 14:07
Does anyone know anything about using an annuity as a way to shield
assets for elderly people?
My 80ish mother was approached by a lawyer who is trying to sell her an
annuity. He says that, should she go into a resthome, the annuity
would not be considered an asset for Medicaid purposes. Since it also
possible to structure annuities to have a residual value left for a
beneficiary, she would be able to leave at least some of her money to
her heirs.
He tried to sell her an annuity with high expense and a surrender
charge. I called Fidelity and Vanguard, two lower cost alternatives,
and they both told me that an annuity used in this way was not
appropriate. Both stated she had to withdraw her money by age 85 or
accept a "fixed" annuity paying something like 3%.
Does anyone have any experience in this area?
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