[Fredslist] Legal Question

Lawrence Sprung lsprung at mitlinfinancial.com
Thu Nov 6 16:34:53 EST 2014


Dear all,

I am looking for some potential guidance.

I am going to be concise here and would be willing to speak with someone who may think they could help.

A new client of mine had purchased a variable annuity (not from me) back in 2006.  She was told that she was going to get a specific income stream for the rest of her life, regardless of what the account value was.  In beginning our relationship, I asked her for a statement to review the account.  I came to learn that she is NOT going to receive these payments for the rest of her life, but only until the age of 83.5.  She took the annuity out at age 62 and now is age 70.  The company is telling us that if she had waited until age 65 to start payments she would have received the payments for the rest of her life, but because she started them prior to age 65, these payments will only last until age 83.5.  She is convinced that she was never advised of this and feels like she has been lied to.  The worst part is, this income that she is receiving represents 2/3 of her total income.

I am not sure if there is or even a potential for a case here.  Is there anyone out there that could lend me some guidance?

Please let me know.

Regards,

Lawrence D. Sprung, CFP(r)
President
Mitlin Financial, Inc.
(631) 952-4466
www.mitlinfinancial.com<http://www.mitlinfinancial.com/>

Please visit my blog at www.lawrencesprung.com<http://www.lawrencesprung.com/>

Please Follow Us on  Twitter [Twitter Logo] <https://twitter.com/MitlinFinancial>

Investments | Financial Planning | Insurance| Estate Planning | Asset Management

Please be advised that communications regarding trades in your account are for informational purposes only.  You should continue to rely on confirmations and statements received from the custodian(s) of your assets.  The text of this communication is confidential, and use by any person who is not the intended recipient is prohibited.  Any person who receives this communication in error is requested to immediately destroy the text of this communication without copying or further dissemination.  Your cooperation is appreciated.

For your protection, please do not send confidential information such as social security numbers and account numbers via email.


________________________________
(JX13369ID: [80246])
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://www.gothamnetworking.com/pipermail/fredslist/attachments/20141106/0fb52693/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.gif
Type: image/gif
Size: 1351 bytes
Desc: image001.gif
URL: <http://www.gothamnetworking.com/pipermail/fredslist/attachments/20141106/0fb52693/attachment-0001.gif>


More information about the Fredslist mailing list