I am SO disgusted!

CFG Planner Blog /
Posted by Nancy Hecht, CFP®, AIF®
About a year ago, I received a call from a client – her voice was shaking – she told me that their family had decided they were going to liquidate all of their accounts and move everything into annuities. I asked if they planned to move their IRA and Roth IRA account also and she said yes.  She said there was no point in me trying to talk to them about this as their minds were made up. I asked who was there with them and she hemmed and hawed. I asked if the insurance agent was there telling her what to say. She replied yes and promptly ended the call. I was heartsick for this 80 something couple, but what could I do?

I alerted the CPA and he went to visit them. After his visit, he told me he could no longer keep them as clients and he felt as I did that they were making a huge mistake.

Fast forward to this April, the CPA sees the wife at his door, crying for help. She had a box of unopened envelopes and so much other paper she did not know which end was up. They bottom line is: they ended up owing $80,000 in income tax, have a number of annuities with 10 year surrender charges, and no longer have any liquid funds.
The CPA and I had tried to be advocates for this couple – their adult children did not.

Please pay attention to what is going on with your parents. An attorney has been brought in to try and help this couple. I hope it is not too late.

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