Lovingly Handcuffing Your Beneficiaries with Annuities: Shootin' It Straight With Stan (TAM Classic)

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Welcome to Shooting It Straight with

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Stan. I am your host Stan the Annuity

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Man, America's annuity agent, licensed

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in all 50 states, sporting the new

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fashion nista annuity goatee. It's the

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talk of Paris. It's the talk of fashion

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week. It's the talk of the town. Except

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in my town where my wife's like, "Shave

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the goatee." Okay, what are you doing?

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I'm like, I don't know. Annuity goatee.

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Annuity goatee. Today's topic is a good

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one. and it's a personal one. I can

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share some stories. It's called lovingly

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handcuffing your beneficiaries with

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annuity guarantees. So, lovingly

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handcuffing your

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beneficiaries with annuity guarantees.

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You're saying, "Wait a minute, what?

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Handcuffing? That doesn't sound

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lovingly." It does when it comes to

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finances. Okay. So, a lot of us out

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there, including ma, that's French for

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me. I have two great daughters at the

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time of this taping, age 26 and 24. One

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lives in Denver, Colorado, and one lives

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in Manhattan, East Village, went to NYU,

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loves the city. She's this, that person.

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She's like her dad. I love New York City

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as well. But they are great kids and

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they thank God look like their mother

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and take after their mother. Um, but

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when I die, they will not be getting

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lump sums. Period. And and it's nothing

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against them. It's just that I'm going

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to lovingly handcuff them so that they

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don't make dumb mistakes with lump

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sums. Period. So you guys, wait a

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minute. How do you do that standing?

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Well, that's what this video is for,

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player. That's what I'm doing. So what I

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have done is in in the trust I have

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dictated in the trust that when I die

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when my ljet hits the mountain when the

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the Lamborghini hits the tree when you I

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can't put on the annuity man hat anymore

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and I die and the goatee is like 12

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inches long down here and you go man

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that's an annuity goatee right there

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that's what I'm talking when that

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happens there will be lifetime income

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annuities purchased for each daughter

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for the rest of their lives to pay as

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long as they're breathing. So regardless

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of when I die, if I died four years from

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now, then then there would be an

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immediate annuity purchased for a

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30-year-old and a 28-y old at that point

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in time.

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Understanding that single premium

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immediate annuities are primarily priced

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on life expectancy at the time of the

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payment. Interest rates play a secondary

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role. So, that's what I've done and

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that's what they're going to get. And

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they're going to hate me every single

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month that money hits the bank account.

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What have I done? I've lovingly

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handcuffed them. I've also bought what's

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called a deferred income annuity. I

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don't I'm not sure I I recommend you

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doing this. I just did this to see what

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the numbers were and they were pretty

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good. So, I did it whatever and that's

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who I am. I'm nothing in moderation,

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impulsive, and that's what I do. So, I

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bought them a deferred income annuity a

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while back and deferred it to when

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they're age 50 and it turns on it when

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they they're age 50 and there's a

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lifetime income stream. Not sure that's

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a perfect way to do it because that's an

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irrevocable contract. Um, no liquidity,

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etc. But except unless they watch this

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video, which they won't, they don't even

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know they have it. Okay, I bought it,

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but they don't even know they have it.

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So, that's another way to do it. But

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when I talk about lovingly handcuffing

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beneficiaries, I think we're doing them

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a favor by creating a payment income

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stream for them to supplement if they if

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they have a job, if there's social

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security in the future. There might not

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be. There might be a means test that

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gets that out of the way for them, but

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I'm just a firm believer in doing that.

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I'm a firm believer in setting things up

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so that the, you know, the kids will

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have an income stream. You know, you can

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do that for grandchildren as well. At

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the time of this taping, I don't have

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any grandchildren. I think that's going

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to change because the my lovely older

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daughter just got married to a fantastic

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dude that I sign off on, great guy. And

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um you know, they're going to have

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little Stanettas and Staniel's and

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Stanfords and Stanley's running around

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all the time. I mean, there's incentives

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for them to name them after me. If they

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named them all after me, I'd give them

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the lump sum, right? But I do like

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Stanetta and Stanielle for girls. I

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think that's really good. Stanford,

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obviously Stan, you know, Stanley, you

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know, Stan, you know, Stan Jr., I'm I'm

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I'm good with all of that. But if that

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happens, then I'll probably go back to

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the trust and lovingly handcuff them as

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well instead of them getting a lump sum

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or instead of doing a 529 plan, which

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nothing wrong with that, is I would set

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up a lifetime income stream for them

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triggered upon my death. Or we could,

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you know, I've done that from when I'm

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when I'm dead. And what my wife and I

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are now discussing, the lovely Christine

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of 35 years, married to Stan the Annuity

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Man. Her name is Christine the Annuity

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Man. She doesn't really like that, but

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it's a good it rings and it works in

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marketing. Um, talking about doing

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something when she passes away

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because I have the same thing structured

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for her and it's not lovingly

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handcuffing my wife. She's going to get

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the lump sum, too. But I'm also want to

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put an income floor in place for my wife

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when I pass

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away. But you can lovingly handcuff your

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beneficiaries. I get calls all the time.

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Had got one the other week about a week

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and a half ago. They scheduled a time.

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Go to my site theanuityman.com. And

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sometimes you'll get me. There's about a

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five I think right now it's about a 5%

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chance to get me. Otherwise you're going

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to get somebody really really smart on

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my team. But if you do get me and I got

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one the other week and the person said

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that they wanted to buy an immediate

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annuity because you know their son just

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had they had some problems had some

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substance abuse issues you know what I

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call wandering ambiguity just wandering

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around just can't really get it together

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they don't want to give them a lump sum

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you know so what do you do you buy an

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immediate annuity for them you buy pay

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they get mad at you for that I'll never

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forget I did one long time ago when I

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used to do facetoface appointments and

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that was shoot 20 years ago. But I flew

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in somewhere. It was a big case and I

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flew in and it was the family at the

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table and we were lovingly handcuffing

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one of the beneficiaries and the

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beneficiary thought they were going to

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get a lump sum, but what they found out

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was they were signing a a piece of paper

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saying they're going to get an immediate

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annuity. I was cussed out pretty well,

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but but you know what? It was the right

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thing to do. And I told the father at

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that time because he's like, "Man, that

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was tough. Was that the right thing?"

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I'm like, that was the right thing to

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do. So, I want you to think about that.

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I want you to think about your kids and

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your grandkids and if they're, you know,

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if they're solid and they're they're

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rational, you know, give them the lump

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sum. You give them a lump sum, they can

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figure it out. And and then 90% of the

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people, I'm sure that's what you're

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going to do. But I'm just I believe in

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income floor. I believe in payments that

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are ongoing and hit the bank account

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every single month. I like that. I I

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like that. I guess it's because um when

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you're in the sales business that

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doesn't happen, right? So, I guess

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you're looking for that. But I want that

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for my daughters and I want that for my

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wife and I want that for them because I

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don't want them to worry and I want them

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to know that that lifetime income is

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coming in every single month. Could they

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do better taking the lump sum and buying

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the best stock in the world?

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Probably. But why take that chance? And

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what a legacy. You know, my daughters

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have to put up with me and my

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eccentricities and I'm I'm I'm a maniac

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as a father. You know, I don't drink or

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do drugs or anything like that, but I'm

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just I'm a wild man, you know that. And

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I love them to death. Um, but I I I

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really look at this and I go, you know

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what? It's going to be cool for them to

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that money hits that bank account every

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single month and I'm like 20 years. I've

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been dead for 20 years, right? And that

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money is still in the bank account and

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still in and as much as as eccentric as

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I was and eclectic, they're like, "He

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was goofy, man." But I'm glad he did

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that. I know they're going to say that.

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So, think about it. Lovingly handcuffing

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your beneficiaries. You can do that with

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annuity contractual guarantees. You can

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do it now and buy something that kicks

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in in the future. Or you can set up a

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trust and have the trust dictate that

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something be purchased lifetime income

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for whoever you deem appropriate at the

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time of your death. Meaning that it

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triggers at the time of your death. But

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just remember, death is not a good

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strategy because you can only use it

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once. But wouldn't it be good to know

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regardless of what happens that they're

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taken care of and that lifetime income

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stream is going to be in place. And if

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social security is is taken away,

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they're going to have their own that you

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set up for them. And if pensions no

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longer exist, they're going to have that

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pension that you set up for

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them. Talk about

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legacy. That's legacy. That's a legacy

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income monster is what that is. And I'm

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a monster kind of. I'm a monster in the

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annuity industry. I'm a monster of

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information. I'm a monster of

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entertainment and education which is

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called

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edutainment and I appreciate you joining

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me on all major podcast platforms. Go to

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my site at theanuityman.com. Run quotes,

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read the books, schedule a call.

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Hopefully you'll get me. If you do, boy,

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won't that be fun. I I tell people all

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the time when they get me on the phone

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like, "Listen, I don't do a lot of these

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calls, so you know, hang in there with

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me. might be choppy, but I'm going to

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tell you the truth and my team's going

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to tell you the truth, which is a good

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thing. And we're going to tell you if

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you need an annuity or not, but we would

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love to work on these legacy type

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products of handcuffing your lovingly

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handcuffing your beneficiaries and

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really doing them a favor long term. My

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name is Stan the annuity man. That's

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shooting it straight with Stan. See you

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next time.