My mother is 83. She has about $80,000 that is the balance of an annuity that someone told her to close-out after the death of my stepfather last April. She does not need the money to live on. Can anyone help with suggestions on what she should do with the money?Is there any way to recoupe the money she lost ($15,000+) when she closed the annuity?Thank you, smroog
I'm guessing she should give $10k away every year to relatives - maybe an investment for children's school(consider IRAs for tax purposes) someone is going topay the tax-man. Try to decrease that burden. What does she want the money to do? Consider a charity she likes... Good luck.
Who told her to close it out? dum move...she could have just left it in and never paid taxes....that 15k is a surrender charge for leaving the annuity to early. you can deduct the 15k on your taxes as a loss (can't remeber were I read that.) If she were to pass away an annuity has benificary's like an IRA and passes probate, easy why to leave to kids.I would have to know her goals, but if she doesn't plan on using and just wants to give it to grandchildren......an annuity is a great way to go.
Report the agency to the state authorities at the very least.
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