Category: Annuity
Is an annuity right for you?
Annuities have been in insurance agents' and financial advisors’ toolkits for decades. It’s a product designed to provide a steady income stream for retirees. It’s no secret that annuities have been a popular option, but are they always the best investment choice? Here’s the rundown of the pros and cons of annuities. Let’s see if they could be suitable for your financial strategy. Firstly, it's crucial to understand that every financial strategy has its place, including annuities. Many people value the relative financial security annuities can provide. However, annuities come with several drawbacks. One major issue is the lack of liquidity – meaning once you invest money in an annuity, you are often limited as to how and when you can get it out. At the very least, they’ll likely have a surrender charge. Some have even more limitations – like how much they can withdraw each year! Often, these products aren’t fully explained at the time of purchase, leading to confusion and frustration down the road. By the time you encounter an issue, the original salesperson may no longer be available to assist, leaving you to navigate the complexities on your own. So, there can be many challenges annuities offer, but how would investors know? Annuity companies are required to report all details to a third-party service. We can access these tools and provide you with a no-obligation annuity intelligence report. Thi
The Pros and Cons of Charitable Gift Annuities
In past articles, we’ve discussed the pros and cons of private foundations and donor advised funds, but there are other options that can help people support their favorite charity while also providing income for themselves as well. One option is a charitable gift annuity, which is essentially a contract between a donor and a charity. As the donor, you’d make a sizable gift to charity using cash, securities or possibly other assets, and in return, you become eligible to take a partial tax deduction for your donation, plus you receive a fixed stream of income from the charity for the rest of your life. When you make a donation to a single charity, the gift is set aside in a reserve account and invested. Based on your age when you make the gift, or ages if it’s both you and your spouse, you’d receive a fixed monthly or quarterly payout for the rest of your life. Then, at the end of your life (again, as well as your spouse’s, if you’re giving as a couple), the charity receives the remainder of the gift. There are also many advantages to a Charitable annuity. For example, you receive an income stream for the rest of your life, you receive an immediate partial tax deduction, and there’s also the potential for part of the income stream to be tax free. Another great advantage is you can start the annuity with almost any kind of asset – including securities, property, or cash. You’ll also be able to reduce or even eliminate ca
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Case studies are intended to illustrate the types of financial issues faced by actual clients. They should not be construed as a testimonial for or endorsement of Lineweaver Wealth Advisors. They do not represent the experience of any advisory client. Each client’s situation is different, and their goals may not always be achieved. Lineweaver Wealth Advisors, LLC, is not engaged in the practice of law or accounting. Tax information provided is general in nature and should not be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation. Tax rules and regulations are subject to change at any time.
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