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  • FIRST POST
    • gibbo9
    • By gibbo9 12th Sep 18, 10:45 AM
    • 37Posts
    • 42Thanks
    gibbo9
    Immediate needs annuity question
    • #1
    • 12th Sep 18, 10:45 AM
    Immediate needs annuity question 12th Sep 18 at 10:45 AM
    Hi,I realise this may not be the right place but I know people on here have helped on this subject.
    From what I read the are 2 providers of these, but who are they?
    Most people seem to recommend advisors associated with SOLLA.
    Any local to us are restricted not independent and all seem to be part of st jame's place. SJP website lists Friends Life and Just as their providers of immediate needs annuities.
    Are these the 2 people mention?
    Hope someone can lighten the darkness for me as I need to start my enquiries soon
    Many thanks in anticipation
    Ray
Page 3
    • lisyloo
    • By lisyloo 16th Sep 18, 8:51 AM
    • 22,857 Posts
    • 11,414 Thanks
    lisyloo
    Being honest with myself I think I was primarily thinking of protecting my SILs inheritance as the main advantage (hence why I would always talk through all the angles). Yes she might lose some but from her perspective having none is far worse than having less than she could have had.
    MIL has been in the home funded by LA (property was disregarded until FIL died) so whether she’s private or LA the chances are that she’s going to stay in the same place (and we made sure she was somewhere that would not necessitate moving as her needs increased).

    I am not keen on looking at investments. The downside inflation risk over a few years is not that big, but I will look at some 1, 2, and 3 year fixed accounts, if there are no penalties for dying.
    • Malthusian
    • By Malthusian 16th Sep 18, 5:35 PM
    • 4,995 Posts
    • 8,075 Thanks
    Malthusian
    However, the elderly relative is often keen to ensure something is left for beneficiaries to inherit and hence both aims are legitimate to be considered if that is what the person has a desire to achieve.
    Originally posted by Shedman
    Not if you have Power of Attorney.

    Exactly how the law that the attorney must consider the donor's needs only should be interpreted is open to debate. (I don't believe that it makes purchasing an INA mandatory.) The law itself however is clear.

    If POA is involved then the decision to buy or not to buy an annuity has to be justified entirely in terms of the donor's own needs, without the word "inheritance" appearing.
    Last edited by Malthusian; 18-09-2018 at 9:14 AM.
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