I know the A word is generally frowned upon but does anyone know the details of these? I'm 40yo with relatively low income but have about 1.5mil in rent house equity. We pretty much live off of rental income but as everyone knows rents are stagnant while taxes, insurance, etc are up. I'm recently "retired" and my families healthcare is not a concern. I have good life insurance to get my kids through college but due to recent health problems, more life insurance isn't an option. I worry about my wifes ability to manage the real estate and three young kids if something happens to me. I worry that if she sells the real estate, between that and the life insurance, would it be enough to get her through retirement. So basically, we have some assets but could use the current income and guaranteed long term income. Income "diversification" would be the purpose. Transitioning 100-200k out of rent houses would be fairly painless. The annuity would be nice because it would be zero work and I believe little to no risk?
What company would be best to work with? Can these be set up in my children's names to pay out for their life? I assume the payment would count as regular income for tax purposes?
What company would be best to work with? Can these be set up in my children's names to pay out for their life? I assume the payment would count as regular income for tax purposes?