Hello all,

I just found this board and no time too soon. I hope to be able to gain knowledge as well as share what I have learned in the future. Also, please excuse in advance, if I show any sort of ignorance regarding financial matters related to my inquiry.

My mother passed away in December leaving me as Powe of Attorney for Dad’s financial affairs and I was hoping for some advice regarding the following scenario:

Mom has a pension plan that is now to be distributed to Dad;
Mom and Dad both have IRA’s at their bank – both maturing April 5 2009;
Dad (reached 70.5 years old in Jan 2009) has an annuity worth over $150k – which I understand is not FDIC insured;
Dad also had about $77k in a savings account;
Dad has a $25000 whole life insurance policy

I did see the latter part of Ed’s presentation on public TV last week and was wondering about the three methods of saving on taxes:

Estate Tax Exemption;
Life Insurance exemption;
Stretch IRA

So far, I have request to be made his beneficiary on the annuity but nothing more. I seek advice to help me determine best way to limit the taxes for distributions as well as being able to provide him a steady stream of cash for his golden years. I did look into CD’s (1-7 years) but I have not yet acted upon this idea.

I would expect that any advisors would need more information from me, so please do not hesitate to ask (PM or email – [email protected])

Many thanks in advance for your support with this matter.

regards,
Benny