Liquid Annunities ?

[Todd Preston]

Hi Friends,

Anyone know a product that is commonly referred to as "Liquid Annuities?"

1- annunity that has little penalties or "surrender charges?"
2- protection from lawsuits (liability protection)

Does anyone know of a company that sells these....or have more info on these?

BTW...i am in Florida.

thanks very much!

 

[Tahoe Ray]

Hi Friends,

Anyone know a product that is commonly referred to as "Liquid Annuities?"

1- annunity that has little penalties or "surrender charges?"
2- protection from lawsuits (liability protection)

Does anyone know of a company that sells these....or have more info on these?

BTW...i am in Florida.

thanks very much!

To answer your questions:

1) Not really "liquid/no surrender" but quite a few annuities have ROP (return of premium) provisions which essentially allow you to forgo any interest earned and upon surrender get 100% of your initial deposit back. Great American, Symetra, Western National and several others offer this type of feature.

2) I'm not touching that with a 10 foot pole...talk to an attorney in your state.

Good luck!

 

[Larry Tew]

Look at this... Asset Protection: Concepts & Strategies • View topic - State-By-State Main Creditor-Debtor Exemption Chart.

It will at least give you a place to start. The book is a little old, so I would verify anything with your state.

 

[nathan.lee]

Hi Friends,

Anyone know a product that is commonly referred to as "Liquid Annuities?"

1- annunity that has little penalties or "surrender charges?"
2- protection from lawsuits (liability protection)

Does anyone know of a company that sells these....or have more info on these?

BTW...i am in Florida.

thanks very much!

There are a few "no-load" variable annuities on the market. Jefferson National is one carrier that provides them.

As of this summer this annuity had a $20/month admin fee (regardless of account size), several hundred separate account options, no surrender fees, and no agent commission.

This is basically purchased buy the consumer directly from the carrier.

I couldn't tell you whether or not it satisfies part two of your questions though.

Check out this article on Market Watch about no-load annuities.

http://www.marketwatch.com/story/fee-killing-no-load-annuities-are-pro-consumer-2013-07-23

 

[scagnt83]

for more information about annuities:
try to visit this website

allannuitiescalculator.blogspotcom/2013/10/Annuities-Explained.html

Or you could try http://FixedAnnuity4Me.com

 

[ScottLFB]

Completely liquid annuities that are safe from lawsuits, creditors, bankruptcies? Boy that sounds like a chargeback waiting to happen, what kind of mailer are you sending out to get these clients to come to you??

Tahoe said it best.. Good Luck!!

 

[Drifting]

Hi Friends,

Anyone know a product that is commonly referred to as "Liquid Annuities?"

1- annunity that has little penalties or "surrender charges?"
2- protection from lawsuits (liability protection)

Does anyone know of a company that sells these....or have more info on these?

BTW...i am in Florida.

thanks very much!

Are you being told by a sales agent that buying an annuity will protect you from lawsuits? I constantly hear Ric Edelman saying that it's ILLEGAL for an annuity sales agent to give LEGAL ADVICE. Insurance agents, brokers and other advisers are not licensed to give legal advice. Hopefully no agent is trying to "make the sale" based on telling you that you will be protected from lawsuits if you buy the annuity he is trying to sell. The previous poster is right. Talk to a lawyer. Only a lawyer can make this determination.

 

[scagnt83]

Are you being told by a sales agent that buying an annuity will protect you from lawsuits? I constantly hear Ric Edelman saying that it's ILLEGAL for an annuity sales agent to give LEGAL ADVICE. Insurance agents, brokers and other advisers are not licensed to give legal advice. Hopefully no agent is trying to "make the sale" based on telling you that you will be protected from lawsuits if you buy the annuity he is trying to sell. The previous poster is right. Talk to a lawyer. Only a lawyer can make this determination.

Actually an agent is totally within their right to discuss general legal & tax concepts related to the products they sell. That is written into almost every states insurance law.

Just like a stock broker can talk in a general way about the legal or tax implications of the securities they sell. A life insurance agent can too.

What an agent/broker cannot do, is give specific advice such as "You will pay x % in taxes on this product" or "This will do exactly this for your taxes". Or "this will be totally exempt from Creditors".

Very situation specific definitive statements are not allowed.

What an agent can do however (in regards to annuity creditor protection), is speak in general terms.
Such as:
"Federal Law provides a certain amount of creditor protection for Annuities. However, states can choose to opt-in or opt-out of the federal regulations. Many states have their own regulations regarding this, so it is a state specific matter.
In this state (assuming my state of SC) annuities receive some protection from Creditors, but it depends if it is Qualified or Non-Qualified, what type of Qualified Plan it is in if it is Qualified, if it is in deferral or if it has been annuitized, and it depends on what other exemptions you choose to shelter during the situation.
If this is a major issue for you then I can recommend a qualified attorney who can give you advice specific to your situation."

But, you are correct that agents can not give situation specific legal or tax advice.
But they can give product specific legal and tax advice in a general manner, just not in a manner specific to a clients personal situation.

I cant say that an Annuity is creditor exempt. But I can say that many states allow a portion or all of it to be exempt under certain circumstances.

It is a fine line. But the line does exist.


I will say that WAY too many agents think that Annuities are exempt from creditors in all states all the time. I hear this statement way too much! And most of the state by state charts you find online are incorrect. I have not found one that is 100% correct on SC law.... so agents keep that in mind...