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Author: inthesonlite Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75877  
Subject: WISDOM PLEASE Date: 6/5/2001 5:41 PM
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HERE'S THE SITUATION, MY MOM IS 74 AND HER HEALTH IS NOT THE GREATEST SHE HAS 23,000 INVESTED IN CD'S PAYING ROUGHLY 5.5%. WE WANT TO PROTECT THIS FROM GOING TO A NURSING HOME SHOULD SHE NEED TO GO TO ONE IN THE FUTURE. SHE WAS GOING TO GIVE IT TO ME TO INVEST IN AN VARIABLE ANNUITY WHERE I WILL DRAW $200.00 PER MONTH AND SEND IT TO HER, JUST LIKE SHE WAS DOING WITH HER CD'S.THIS WOULD NOT BE THE FIXED MONTHLY PAYMENT TYPE ANNUITY WHERE IT'S A SET MONTHLY PAYMENT,THIS WOULD BE A WITHDRAWL OF THE INTEREST THAT IT HOPEFULLY IS EARNING.
MY QUESTIONS ARE HOW WILL THIS EFFECT MY TAX SITUATION, BECAUSE THE ANNUITY WILL BE IN MY NAME AND THOSE $200.00 WITHDRAWLS WILL APPEAR TO THE IRS AS MY INCOME. ALSO IS THERE A BETTER INVESTMENT I COULD MAKE?? MY MOTHER ISN'T COMFORTABLE WITH MUCH RISK AND THIS IS REALLY HER MONEY THAT I AM BEING A STEWARD OF, HOWEVER I THINK SHE COULD DO BETTER INTEREST WISE,THAN THE CD'S SHE CUURENTLY HAS.
IF IT MATTERS WE LIVE IN FLORIDA. MOM HAS NO LIFE INSURANCE AND NO ESTATE TO SPEAK OF AND I AM THE ONLY CHILD.
THANKS, JEANNE
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