Death as an Annuity Strategy

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Welcome to Shooting It Straight with

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Stan. I'm your host, Stan the Annuity

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Man, America's annuity agent, licensed

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in all 50 states. Boy, I can say that

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fast. I've said it a few thousand times,

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done a few thousand videos. [snorts]

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Today's topic is a good one. Using is is

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death an annuity strategy? Can you use

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death as an annuity strategy? Stand the

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annuity man. First of all, let's be very

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clear.

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You can only use it once. You know what

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I'm saying? Death can only be used once.

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But let's talk about how you can use

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annuities as a strategy when you die. If

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you have made the decision that your

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beneficiaries aren't going to get a

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penny until your leer jet hits the

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mountain, your Ferrari hits the tree,

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you pass away. Okay? Then you can set

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things up for them that's triggered, no

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pun intended, at your death. Let me give

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you an example. Had a client recently

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that says, you know, I've got these

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kids. I want to leave in the money, but

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I don't want to leave him the lump sum,

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which I call lovingly handcuffing your

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beneficiaries with love. With love. You

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don't get the lump sum because I love

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you. You don't get the the big lumpsum

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amount that you can go buy a Ferrari or

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a Lamborghini or whatever. You're going

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to get payments for the rest of your

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life. Believe me, that's lovingly

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handcuffing your beneficiaries, nod your

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head. The way to do that is to meet with

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your estate planning lawyer. Tell them

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Stan the Annuity Man sent you. Because

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you should never get tax advice from

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anyone other than someone qualified. And

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your estate planning lawyer can pull

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this off and that you could say, "Hey,

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estate planning lawyer or lawyerette

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when I pass away, I want Johnny Jr. and

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Johnette Jun and Jonnette, you know, son

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daughter. I want them to get a lifetime

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income stream." Now, you can do it two

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ways. You can tell your estate planning

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lawyer that I want Johnny Jr. and

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Janette to get $3,000 a month for the

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rest of their life when I pass away,

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when I die. Or you can say, I want

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Johnny and Janette to each get $300,000

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a piece. I'm making that up. $300,000 a

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piece to purchase a single premium

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immediate annuity. Now, we're we're not

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going to go into all of the structuring

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choices of single premium immediate

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annuities because you're not dead yet.

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And that's what they need to do. Now, I

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guess you could tell your estate

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planning lawyer, make it life with cash

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refund or life with installment refund.

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That's being a little obsessive. I mean,

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that's you talk about controlling it

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from the grave. That'd be kind of cool.

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Hey, you know, dad died and then um you

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know, he wants me to buy a single

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premium immediate annuity, but he wants

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me to buy life with installment refund.

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It's in the trust. [laughter] I guess

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you could do that if you want to make

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sure that the grandkids that you don't

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know anything about now will get the

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money if Johnny or Jette passes away.

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Okay. So, yes, you can start thinking

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about death in a good way, in a in a in

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a refreshing way. You know, I've lived a

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good life. It's been a good run. What am

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I going to do with this lump sum for my

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kids? And let's just say one it always

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works this way. If you have two kids,

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one's like a go-getter and one's a

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wandering ambiguity.

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You know what I'm saying? You can set it

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up for both of them. You can set it up

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differently, but you can still set it

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up. You can still have things triggered

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at death. Let give you an another

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example. Thanks for asking. Stan, give

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me another example. Qualified longevity

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annuity contracts. Currently, at the

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time of this taping, the I think the the

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the minimum is 210. Um, so if you're

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watching this six years ago, it's gone

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up. But qualified longevity annuity

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contracts are lifetime income pension

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products that you can use with your IRA

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funds. But the good news about it is you

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can attach your spouse for lifetime

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income. Death as a strategy. What does

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that mean? Let's just say you are 75 and

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you your second wife and a nod is 50.

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Okay. Or 60. She's much younger than

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you. You can set up joint life so when

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you pass away the income continues

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uninterrupted and unchanged for as long

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as she's breathing. And you can also set

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it up to when she passes away that 100%

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of any unused money goes to your family,

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not the evil annuity company. Even

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though you've transfer the risk to them

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to pay you for as long as both of you

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are [gasps]

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breathing.

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That's a that's a death strategy. Joint

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life income is a death strategy. You

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know, your spouse, wife, husband,

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whatever, your spouse has put up with

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you for all these years. Can I can I get

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an amen on that one? I mean they have

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put up with you all your shenanigans.

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So if you set it up joint life what are

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you doing? You're planning on death your

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death but you're also planning for

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income to continue for the rest of your

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life. Similar thought that what what if

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you've done that for social security and

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set it up for your spouse to continue

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that. So I'm not I'm not wanting you to

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walk around in all black gear like you

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know it's kind of cool that I wore a

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black Adidas stand the annuity man sweat

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for this. It's kind of morbid what we're

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talking about. We're talking about

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death. We're talking about death as a

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strategy. But what I want you to do as

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your brain is still working now, hello,

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is start thinking about how to set

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things up if something does happen to

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you that there's a continuation

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of the money for your loved ones. It's

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time to start doing that. Don't put that

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off. Please don't put that off. You

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know, meet with your estate planning

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lawyer. If you don't have one, find one.

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Interview them. You need to set these

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things up so that when when you die,

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things are triggered and happen exactly

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like you want them to happen. We can

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help with that at theanuityman.com. We

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don't give tax advice, but we can

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certainly work with your estate planning

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lawyer to show the best products and

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talk about strategies so that it can be

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written up properly. And if you're

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living and want to set up, of course

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you're living, you're watching this, if

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you want to set up joint life policies

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now with your spouse, we can certainly

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do that as well and show you those

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quotes. Remember at the annuity man,

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huge company. I own it. Huge company,

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but every single person that works for

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me is licensed in all 50 states, okay?

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But they are not on commission. We are

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not hammers looking for nails. You are

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going to make your ter your decision on

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your terms and on your time frame. and

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we're going to provide the most

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information possible and answer every

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question possible and then leave you

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alone to make your decision. That's how

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it works. That's how it should work.

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Period. My name is Stan the annuity man.

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That's shooting is straight. See you

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next time.