Joe,
A word of caution here. There are no guaruntees no matter how much money you give these folks to put into an annuity. The only guaruntee is that this group will make a handsome commission for "helping" your mom. Please read the other post about folks who were also made this same offer by the same company.
Posted by: Fit2009
Elder Resource Benefits Consulting www.elderbenefitsconsulting.com will help you with a quick analysis at no charge that should let you know if an annuity is really required. They don't sell any financial products, very reputable, check out their website. Tell them you came from veteranaid website Posted by: pologal1979
these guys are frauds. if the assets are below 80K and the vet already uses his savings to pay for his care, then file the application with the VA.
they are using the VA benefits assistance as a ploy to get people to buy annuities,etc. which you have to PAY THEM to do for you. stay away. Posted by: mhenton
Here's the catch and the piece that has us suspicious: Dad would need to "gift" a chunk of his money to my sister and me so that his assets come in line ($30,000). But the money would have to go into an indexed annuity with American National Insurance Company. We don't have choices about where to put the money. The representative works for this company, obviously.We met with our financial advisor who pointed out a couple of things:
1. An indexed annuity has a very high management fee. This, in turn, affects the return on the money
2. There is a 10-year surrender on the annuity
I have to say, the thought of navigating the entire VA process, though, is frightening. The last thing we want to do is to lose an opportunity for Dad to get some of the benefit available to him.
