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.
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.
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.
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.