Tax Deductible Gift Annuity

[arnguy]

Just received a piece in the mail about this. It was on a large post card with very little information. It does state that it is a SPIA with no age limit and pays a 7% commission. Did a google search on the organization behind this, We The People Inc. of the United States, a non-profit organization IRC Sec 501(c)(3), with headquarters in Tallahassee, FL. Anyone familiar with them and/or this product?

 

[Sales71]

What kind of interest rate does it offer?

 

[Larry Tew]

7% commission on a SPIA is mighty rich. I can't imagine this being good for the client.

 

[padthaiforlunch]

Send them $10k and report back.

 

[Norwayguy]

Just received a piece in the mail about this. It was on a large post card with very little information. It does state that it is a SPIA with no age limit and pays a 7% commission. Did a google search on the organization behind this, We The People Inc. of the United States, a non-profit organization IRC Sec 501(c)(3), with headquarters in Tallahassee, FL. Anyone familiar with them and/or this product?

Got the exact same postcard and the 7 percent seems really high on a SPIA....

 

[nathan.lee]

I know nothing about them but here is the fine print below their "illustration."

""*This is a hypothetical example; your income and tax benefits could vary. Please consult with your advisor for an exact illustration based on your
information. WTP does not provide legal or tax advice. This annuity is not issued by an insurance company, is subject only to limited regulation by
the State of Florida and is not protected or otherwise guaranteed by any government agency.""

We The People, Inc. of the United States - Exchange Annuities, Securities and Real Estate for a WTP Tax-Deductible Gift Annuity

 

[padthaiforlunch]

Florida is the scam artist capitol of the US. Even when the house of cards come tumbling down, the homestead exemption can shelter millions of USD.

 

[ScottLFB]

Had an Agent look into them a while back.. It's an Asset-Exchange company. You can "sell" your Annuities, Securities, Real Estate to them and get a Tax write-off and they give you in return an income stream off that money.. Why you wouldn't just annuitize or activate your income rider on an annuity I don't know. But you are giving an insured asset away to a non-profit company in exchange for this payment stream.. Basically it's similar to Life Settlement except you are using assets other than your Life insurance policy.

 

[pcwest]

Sounds too complicated for most of my clients.

 

[VolAgent]

Had an Agent look into them a while back.. It's an Asset-Exchange company. You can "sell" your Annuities, Securities, Real Estate to them and get a Tax write-off and they give you in return an income stream off that money.. Why you wouldn't just annuitize or activate your income rider on an annuity I don't know. But you are giving an insured asset away to a non-profit company in exchange for this payment stream.. Basically it's similar to Life Settlement except you are using assets other than your Life insurance policy.

Or even better, do it with your church or other charity of choice. They benefit, and you probably get a better income stream.

Charitable Remainder Trust is what I believe its called.