2005NWretiree
Confused about dryer sheets
- Joined
- Jul 21, 2009
- Messages
- 1
I have been a lurker on this board for a while, and would appreciate some advice on a situation that is unfamiliar to me. I find myself with the responsibility of looking after the assets of a 90-year old relative with dementia. This person has always been a very conservative saver, who uses mainly CDs and money market funds as his savings vehicles. No problem. So I was recently in a bank discussing CDs, and the bank person advised me to put some of my relative's funds in an annuity. Now, I've always considered annuities as unsuitable for many, due to their high fees and low returns (not like CDs!!). In addition, a 90 year old may be too old for an asset which disappears when he dies. I expressed my concerns to the bank person, who stated that this particular product has no fees, and can be passed on in its entirety to a beneficiary. The return is currently something like 4%; and I believe the product is sold by a company called Western National.
Does this sound credible? I would appreciate any comments.
Does this sound credible? I would appreciate any comments.