How Annuities Can Prevent Your Parents From Becoming Your Roommate

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Hi there, Stan the Annuity Man,

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America's annuity agent, licensed in all

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50 states, based in Las Vegas, Nevada. I

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know you're saying, "Wait a minute.

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Isn't that like where where you know

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people risk their money?" Isn't that

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ain't that a conundrum or I think that's

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a conundrum. Um, yeah, but we only do

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contractual guarantees. So, yes, but we

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we love Las Vegas and kudos to Las

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Vegas. Today's topic is a good one and

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it got you to click. Here is how

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annuities can prevent your parents from

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becoming your roommate. We are all in

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that stage of life. I know that my wife

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and I, you know, both of our moms are

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still alive. They're in their 80s. Um,

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but they're slipping a little, you know,

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and we all see that. And you might be in

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the same situation having parents. And

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it's funny how it kind of goes full

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circle. Um, we can all nod and agree

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about that. And we want to make sure

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that our surviving parents are living a

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good life and their lifestyle is good

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and and they can pay the bills and all

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that stuff, but I think we can all agree

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unless you're from the deep deep south

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where I'm from in North Carolina where

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it was common place for your parents to

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move back in with you. My father's

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passed away. My mom's still alive. I

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love my mom, but I don't want living

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with me. You know what I'm saying? I

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mean, I really don't. That would upset

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the apple cart as they would as as some

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people would say. So, how do how would

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annuities prevent that? Okay. Well,

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annuities

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are come in all forms and shapes and

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there's all different kind types and

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they solve for four primary things. The

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acronym is pill, principal protection,

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income for life, legacy, and long-term

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care. Okay, so for the elderly sect out

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there, and I'm going into that category

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pretty soon, it's typically long-term

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care and lifetime income. They need

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lifetime income. They need to go live

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their lives. There no real reason to

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save unless it's a pure legacy play. But

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for most of you out there, you're

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saying, "Yeah, it'd be great if I could

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just, you know, whether you're putting

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them into assisted care, you know,

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long-term care, whatever." There are

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annuities that can do that for them.

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Okay. Now, let's let's kind of broach a

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tough subject. We had a situation the

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other day where the the mother was

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getting, you know, onstage dementia was

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not was forgetting things. And under

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that standpoint, obviously, we can't or

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anyone else should not can't sell to

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that person if they're not cognitively

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there. So, if you're if you're a um a

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child of of a parent in that situation,

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you're going to have to get a durable

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power of attorney, go to an estate

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planning lawyer and set that up so that

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you what that means is you can make a

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decision

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on the finances for your uh parent. Um,

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in this case, my sister is durable power

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of attorney for my mom just because I

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don't want to do that and you I can

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advise my sister and she's very, very

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smart, but she can make those decisions

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for my mom on a financial basis. So, how

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have we set my mom up? We've set her up

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to where, you know, she has a pension

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from being a teacher. She was a teacher

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in the North Carolina school system. So,

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that's a pension. She gets the

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continuation of social security. You

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know, they had set up her and my father

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before he passed. And then we fill in

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the gaps of that income floor that's

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needed for your parent with a with a

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lifetime income annuity. Okay? We

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structured it so that if she passed away

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early in the contract, that 100% of the

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unused money would go to, in this case,

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my my sister and I, 100%. So the evil

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annuity company's not going to keep any

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of it, but it's going to pay my mom as

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long as she's breathing and she's fine

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with that. So, you know, when my and

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this kind of happened with us and just

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giving you a personal story, when my

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father passed away, um you know, my mom

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came, they came from the deep south

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where my dad did everything. He drove

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the car, he paid the bills, he did it

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all. And my mom, you know, that's just

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the way it was back in the South, and it

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might still be, but my mom really didn't

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know how to do any of that. Okay? So, we

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had to go in, my sister and I had to go

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in and say, "Okay, mom, show us the

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bills that are coming in." So, we looked

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at the bills. Okay? We we established

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what her income floor need was, you

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know, whe whether it was the house

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payment, the electrical, all that stuff.

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That's the income floor. And then we

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looked at her pension and her social

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security. Did that cover it? And if it

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didn't, was there a gap? And whatever

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that gap was, we bought an immediate

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annuity to cover that gap. So she didn't

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have to think of anything. And then we

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put everything on autopay so she can

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just go and play cards and go to the

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movies and do whatever she wants to do.

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But that's how I would tell you that's

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how annuities work. Now in a kind of a

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broader picture, we also set set

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something up when she does go to h have

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to go to assisted facility. Um you know

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in those cases when she gets dementia or

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she lives that long, you know, we have

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an annuity in place to pay for that as

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well, which means she doesn't become my

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roommate. Bottom line is with this topic

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which is preventing your parents from

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becoming your roommate. That's a loving

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gesture. That's not you being a

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missenthrope. Okay, that's a loving

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gesture because most of the most of your

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parents don't want to live with you

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anyway. Okay, and I know the feeling is

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probably mutual. But you need to have

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discussions with an estate planning

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lawyer if you haven't already. Get a

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durable power of attorney and then you

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can go to my site. You can work with my

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one of my qualified team members.

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They're all licensed. They're not on

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commission, but they're all licensed.

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Okay? And they can help you find the

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right solution. You can also do what's

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called a reverse engineer quote.

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Meaning, hey Stan, we need $750 a month

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the rest of her life. You can run the

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quote solving for the 750. What does it

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take to create that? All right. Food for

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thought. We'd love to be part of that

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process. But the process starts with you

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talking to your parents, your spouse,

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your parents, your your siblings, and

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then talking to a state planning lawyer

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and then talking to us. My name is Stan

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the Annuity Man. See you next time.

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