TromboneAl
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- Joined
- Jun 30, 2006
- Messages
- 12,880
My mom's coming to the end of her life, and I'm sorting out some of her finances. There's one thing I've come across that I'm having a hard time understanding. It's just about a thousand dollars, so it's no big deal, but I'd like to figure it out.
It's a Single Premium Deferred Annuity with Jackson National Life Insurance. It was signed in 1988, with my mom as the owner and the beneficiary, and with oldest sister, Gail, as the annuitant.
When Gail reaches age 80, in 2023, the annuity would pay her a monthly income.
Neither Mom nor Gail has any memory of this. My question is: "Why was this was set up?" Was my mom funding Gail's retirement? Was this just a tax shelter? Any ideas?
It looks like there have been a number of withdrawals over the years, and the value now is about $1K. I've had the company send forms for withdrawing the remaining funds.
Thanks for your ideas.
It's a Single Premium Deferred Annuity with Jackson National Life Insurance. It was signed in 1988, with my mom as the owner and the beneficiary, and with oldest sister, Gail, as the annuitant.
When Gail reaches age 80, in 2023, the annuity would pay her a monthly income.
Neither Mom nor Gail has any memory of this. My question is: "Why was this was set up?" Was my mom funding Gail's retirement? Was this just a tax shelter? Any ideas?
It looks like there have been a number of withdrawals over the years, and the value now is about $1K. I've had the company send forms for withdrawing the remaining funds.
Thanks for your ideas.