cal-lester
October 21st 03, 10:41 PM
BMS wrote:
> Before you panic, get the documents and know what the product is.
> From the very little bit you told here it could be a Variable
> Annuity. In order to get 690k value she would have to annuitize the
> contract. The surrender charges are about 1 or 2 percent now.
>
> Don't guess, get the facts, it could be alright or you could compound
> the problem by jumping to conclusions. Find out what the sub accounts
> are invested in. Where would the money have been if not here?
>
> Also a key point not brought here is what was the value of the roll
> over?
>
> Finally where do you intend to move the account? While you are
> waiting find the alternatives.
EXCELLENT ADVICE........
Cal Lester CLU
>
>
> "J.T. Burtchaell" > wrote in message
> om...
>> My father died about 5 years ago and I just found out that my mother
>> took his IRA money and rolled it into something (a variable annuity?)
>> with a stepped up death benefit. On one anniversary date, the value
>> was about $690K, but the value of the account has dropped to about
>> $200K. I don't know the fees, etc. that she's paying (or paid) for
>> this, but I'm guessing that she would have been better off not
>> getting into this deal. The 7-year period is almost up when she can
>> get out of it without additional penalties. My question is this: How
>> anxious
>> should I be to help her get out of this once she's able to (or
>> before)? Her view (at least right now) is that if she takes the money
>> out of this, she's only got $200K before taxes. But when she dies,
>> we'll get $690K. (If it matters, she's in "random" health. She's 63
>> and it wouldn't surprise me if she died tomorrow or 20 years from
>> now.)
>>
>> I don't completely understand the product so I'm trying to get a
>> handle on the variables at play (taxes, typical fees, etc.).
>>
>> Thanks for any help.
>> JTB
--
"Tell me what you think, Captain, I'm all ears" - Spock
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> Before you panic, get the documents and know what the product is.
> From the very little bit you told here it could be a Variable
> Annuity. In order to get 690k value she would have to annuitize the
> contract. The surrender charges are about 1 or 2 percent now.
>
> Don't guess, get the facts, it could be alright or you could compound
> the problem by jumping to conclusions. Find out what the sub accounts
> are invested in. Where would the money have been if not here?
>
> Also a key point not brought here is what was the value of the roll
> over?
>
> Finally where do you intend to move the account? While you are
> waiting find the alternatives.
EXCELLENT ADVICE........
Cal Lester CLU
>
>
> "J.T. Burtchaell" > wrote in message
> om...
>> My father died about 5 years ago and I just found out that my mother
>> took his IRA money and rolled it into something (a variable annuity?)
>> with a stepped up death benefit. On one anniversary date, the value
>> was about $690K, but the value of the account has dropped to about
>> $200K. I don't know the fees, etc. that she's paying (or paid) for
>> this, but I'm guessing that she would have been better off not
>> getting into this deal. The 7-year period is almost up when she can
>> get out of it without additional penalties. My question is this: How
>> anxious
>> should I be to help her get out of this once she's able to (or
>> before)? Her view (at least right now) is that if she takes the money
>> out of this, she's only got $200K before taxes. But when she dies,
>> we'll get $690K. (If it matters, she's in "random" health. She's 63
>> and it wouldn't surprise me if she died tomorrow or 20 years from
>> now.)
>>
>> I don't completely understand the product so I'm trying to get a
>> handle on the variables at play (taxes, typical fees, etc.).
>>
>> Thanks for any help.
>> JTB
--
"Tell me what you think, Captain, I'm all ears" - Spock
This signature file is generated by Pick-a-Tag !
Written by