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Contributor

I'm 67 and retired.  I have 2 adult sons that have mental health issues.  My money is currently in savings so that I could pass it on to them avoiding probate.  However, I'm fearful that if I left them a large lump sum, the money would be gone before I'm cold.  As well, I have to financially support one son more on a consistent basis than the other-so I'm going to do my best to equalize the total either living or in death that each of them get.  

 

My initial thought is that I should get 2 annuities (what kind?) at different amounts with a sole beneficiary.  This way I could dictate how much they get per year.  With the bank they could only do share and share alike and would only make a one time lump sum payment.

 

Thanks!

 

 

6 REPLIES

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@bbbad, Thank you for reaching out today about annuities. Those are great questions and I am forwarding this post now to a subject matter expert. ~Tom

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Thank you for posting @bbbad , Please be on the lookout for an email from one of our specialists to address your questions and concerns. 

 

I also wanted to add a link to this short post with some tips on estate planning. Thanks again for posting here in community. 

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Whatever you do, do not set the annuities up with usaa. Go to a real certified financial manager and discuss your concerns. usaa only cares about their own top management, not about the members.

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I am certainly no financial expert but, I would consult with a lawyer and/or CPA/Financial Manager about setting up a Trust for your sons that will be managed by either the Law Firm or another party.  Based on a lot of what I am seeing posted here, from different people - - I wouldn't leave it in the hands of USAA to distribute the monies. You are going to need something that will provide a monthly stipend and living expenses - hopefully from dividends/interest, keeping the principal whole to continue to take caer of them.  You'll want to look at making sure a percentage is re-invested in the account as well to take inflation into account.  

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Hi. I have a mentally disabled daughter and live in Wyoming. I met with an attorney and we set up a special needs trust where all monies for my daughter will go upon my death. This has a special tax status and protects the money so it is available to her. You have to name a Trustee and they are responsible for handling how that money is spent. Hope this helps.
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Thank you for sharing @daylitte40 . Wishing all the best to you and your daughter.