Husband, 32, With 'Months To Live' Has $1.2M Life Insurance And Asks If He Should Put 50% Of It In Annuity So His Wife Doesn't Blow It

Core Insights - A terminally ill man is concerned about ensuring his wife receives and manages a $1.2 million life insurance payout effectively, given their financial struggles and her poor money management skills [1] Group 1: Financial Situation - The couple has no savings or retirement accounts, with $90,000 in combined tax and creditor debt [1] - The man's income is $130,000, while his wife's income ranges from $30,000 to $40,000 annually [1] Group 2: Recommendations for Fund Management - A trust is recommended as a beneficiary for the life insurance policy to provide safeguards against mismanagement of funds [3] - The idea of structuring the payout into a mutual fund for dividends and a 20-year annuity was proposed to ensure long-term financial stability [2] Group 3: Detailed Action Plan - Steps suggested include setting up a trust, making it the life insurance beneficiary, purchasing an annuity with the funds, and ensuring monthly payouts to the wife [5] - Other assets, such as the house, should be placed in the trust to cover mortgage and property taxes, while structuring regular payouts for living expenses [5]