You need to advise your financial management in writing that upon the maturity of the annuity, you want it put into cash, not any other financial instrument. I'm thinking if your intent is not in writing, the financial guy will do a commission earning trade with it. Also, why is there a financial person involved at all? You should take the cash and park it into a bank CD (FDIC insured) for at least 60 days until you decide what your options are.
Consult H&R block or Jackson Hewitt for income tax exposure., Do it now in person before they get too busy in a week or two. Good Luck.
I urge you to hire an attorney, who can also tell you the tax impact, or find a tax accountant who can.The tax impact will depend on your cost basis, the current value of the annuity, and the length of time you held it. Have him look at the contract, those numbers, and the surrender value. And he can tell you what options are open to you.
Sometimes, financial decisions, like extracting teeth, is best left to the experts. (of course, there are bad dentists, just like there are bad financial planners)
The annuity feeds into a mutual fund. For personal reasons I would like to convert all of this into cash.
I know my financial guy will try to talk me out of this so I would like to have the proper terminology to use so I won't sound like an idiot.
And also what happens when it comes to taxes?
Over the years I have inherited several estates and my attorney always handled these. However he is quite elderly now and so I'd like to do myself if I can.
Thanks--
