Immediate annuity payout
is the annuity still avaialbe in michigan so it only pays the nursing home $10 a month for the life of the annuitant.
Or has that law been change in the year 2003, and if so can you send the law change
Thanks
Bryan
Asked on 7/07/04, 3:35 pm
1 Answer from Attorneys
Don Rosenberg
Barron, Rosenberg, Mayoras & Mayoras, P. C.
Re: Immediate annuity payout
Yes however you have to be very careful with this strategy. One it may change at any time and 2 it eliminates any access to liquid cash.
Further, there is probably a better way, by using an annual payout as opposed to the balloon annuity. Further gifting can also be an option, regardless is it was withing 3 years.
Check out our web site and my credentials.
www.thecenterforelderlaw.com
Don Rosenberg.
248-641-7070
Answered on 7/07/04, 8:51 pm
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