A new Ohio law attempts to impose ‘best interest’ fiduciary standards onto life insurance and annuity providers. However, these standards are extremely vague and still leave from for abuse to consumers. Many annuity providers and so-called financial advisors plant their product as a solution to a variety of problems, when in reality another product is likely more useful. Below are 4 cautionary tales from clients that have come to us for help in the past. If any of these situations have happened to you or a loved one, or are currently happening, we encourage you to seek out additional financial tools and professionals.
A private annuity arrangement supplies the annuitant with a stable retirement income, keeps assets within the family, and minimizes the tax burden for heirs.