[John]

Hoping someone can help provide guidance: My father passed away in 2019, leaving my mom an IRA with Allianz. The value is aprox $225k- she doesn’t need to access the funds until she is required to do so- assuming that’s when she’s 70?

It says the type is IRA, but it also reads Allianz Life Annuity.

Question- is it most beneficial for her to just choose to transfer the existing contract to her name?

Part of me wants to just have her transfer the funds to a high yield savings account considering the market risk.

Im trying to fill out the paperwork to transfer this to my Mom and there are so many options. I can’t find anything that indicates there would be a tax benefit for her to choose anything else. Am I missing something?

Thank you for reading.

[Philip]

Her RMDs probably start at age 73 or later? There’s plenty of time for potential growth, especially if she intends to leave this for heirs… Putting it in a CD means she’ll lose money safely every year. Only do that if she needs instant access to cash…

[Rob]

Try and find the advisor that sold him the annuity and have them explain until you understand. If you can’t find the advisor, then call Allianz directly.

Or you may be able to signup on the Allianz site and see details. I don’t remember what information it wanted other than SS#, when I joined for my annuity.

Many annuities are very restrictive about withdraws early in their life and have penalties. So make sure you understand what you are doing if you want to move it.

[Wilson]

Going through a similar situation right now (and almost same dollar amount) with my father in law as my mother in law passed 2 months ago. We are meeting with a financial advisor to get proper advisement. It’s too much money for me to make bad decisions and paying someone $750 a year to protect $230k is fine with me. Best of luck!

[Author]

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