Many think of annuities as vehicles for guaranteed retirement income. Still, they can also be valuable additions to a sound estate plan. The specific role an annuity might play depends on your goals and your chosen annuity type. Let’s explore some possibilities.
How Annuities Might Function in an Estate Plan
- Supplementing Probate-Subject Assets: Probate can eat away at inheritances with costs and delays. Assets within specific annuities bypass probate, transferring readily to named beneficiaries.
- Providing for Special Needs: Certain annuity structures enable ongoing support for disabled loved ones without jeopardizing public benefit eligibility.
- Medicaid Planning: Complex strategies incorporating specific annuities MAY play a part in proactive Medicaid qualification if long-term care becomes necessary. It’s vital to consult an experienced Tampa estate planning lawyer in any Medicaid consideration situation.
- Charitable Gifting: Using annuities to establish charitable remainder trusts or make substantial donations provides you with income now and supports chosen causes after your passing.
It’s Not One-Size-Fits-All
Annuities aren’t perfect tools. They can come with fees, potential surrender penalties, and sometimes illiquidity. It’s essential to weigh the pros and cons carefully. That’s where a skilled Tampa estate planning lawyer becomes invaluable.
Personalized Estate Planning Guidance – Laurie E. Ohall, P.A.
At the Law Offices of Laurie E. Ohall, P.A., we don’t offer ‘cookie-cutter’ solutions. Our comprehensive estate planning services focus on YOUR unique needs, goals, and financial picture. Let’s discuss whether annuities have a place within your vision.
Contact us and we’ll help you assess if an annuity’s income features suit your retirement plans, as well as navigating complex probate, Medicaid or tax factors that may impact your decision. To get started, simply call us today at (813) 438-8503 to schedule an appointment.