Looking to help my newly widowed aunt move close to $1mil from Canada and consolidate her accounts so they do the most for her. She’s in her 70s. We have a plan from a wealth advisor (his accreditation is an FIC). This is all new to me and I’m not that knowledgeable about what her best options are. They recommend an annuity with about a 6 1/2% return. She’s very concerned about how she will lose a lot in the exchange so they proposed she put a few hundred thousand into a life insurance policy that the payout on day one would be $500 grand, should she die. This was to help make up that money lost but paid out upon her death. She likely will never use all of the money in Canada as she has accounts here with plenty to live on. I’m worried that these options aren’t the best for her. We need her to be able to put her money in a few places where she can access some, if needed. There’s so many accounts everywhere that we need to simplify for her as much as possible. What would you do?
Submitted February 15, 2019 at 11:04PM by muns44 http://bit.ly/2Naxn1h
