My 80 yr old mother-in-law lost her husband nearly 15 yrs ago. He had purchased a "CD-type" 6 yr fixed annuity that expired in '09 after his death. Their financial advisor met with her upon expiration and suggested she invest the money in a MetLife (now Brightstar) Non-Qualified Deferred Annuity with Enhanced Death Benefit and Guaranteed Min Income Benefit (GMIB Plus II) riders. I've always understood these VAs to be a bit of a rip off in terms of all-in fees/costs buried within ridiculous complexity, so have never bothered to dig into the details of how they work. But now that I'm retired, I'm taking some time to help her with her portfolio and have to figure out what to do with this thing. I'm slowly understanding the basics (she doesn't understand it at all, BTW) but I could greatly use some guidance on how to approach this, including her options for getting out of it in a cost and tax effective manor.
What info could I provide that would help you provide me some guidance? Thanks!
What info could I provide that would help you provide me some guidance? Thanks!
Statistics: Posted by HouseOfLancaster — Thu Nov 21, 2024 10:02 pm — Replies 3 — Views 425