| r82230 - 9/16/2024 11:02
Work with local bank, CPA firm, a brokerage house (any major firm has a trust division) or just set a trust up and name a trustee to follow your instructions. You can even put in a cause about if income steam is sold, it stops. Perhaps you've seen the commercial "I want my money now" that buys income streams for discounted cash.
You will have to pay for the bank trust department work. Just as you 'pay' for an annuity (just it's pay is hidden inside). Annuities have some of the highest commissions, you just don't know how much you are paying.
I wouldn't do an annuity because of the ability to sell, if you're trying to stop a spent thrift type person. The brokerage house would allow you to possibly keep the same investment(s) IF that is important. An annuitant beneficiary could technically “sell” the income stream, but it would come at a substantial discount. Think of the lottery, a form of annuity. The advertised jackpot is the payout times number of years. The cash amount is about half that. High commission rates are reserved for the variable and some indexed annuities. You of all people should know a fixed interest annuity has low one time commission, generally 3% or less, the best around 2% to the agent. Or he could pay an advisor or trust dept. each and every year. Pick your poison, ain’t nobody working for free. At least what I suggested allows 100% of his money be invested, and as long as excess withdrawals are not taken, he’ll earn the full interest each year on the full amount, and the income will be equal distributions for the duration.
Edited by Boone & Crockett 9/16/2024 11:58
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need advice for inheritance distributions
