Originally Posted by brewer12345
Consult an estate planning attorney. Your primary issues at this point are estate tax related, so get advice. IIRC, annuities get very poor tax treatment as part f an estate, so it may pay to cash it in and invest the proceeds in a taxable investment.
Good advice. However, as it is in an IRA, you would not be subject to sell it out for huge tax consequences. If you dad passes on, you would get the money, and be able to keep it tax-deferred, other than an annual RMD on your life expectancy every year.
Depending on how long ago he bought it, there may be a significant surrender charge to switch things to something else.
As far as brewer is saying, even though the money goes to a beneficiary, it may be included as part of the overall estate for state estate tax purposes, etc. So consult with an estate attorney before going much further. The time to act is BEFORE he becomes incapacitated and you have to "guess" as what he would have wanted.............