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My brother bought an annuity that he did not intend to

Customer Question
My brother bought an...

My brother bought an annuity that he did not intend to buy,he thought he was putting his money into something that would pay him something more than what he was getting for his money. Instead they sold him an annuity that he can not touch for seven years. He is 85 years old and needs this money to help his daughter . Any suggestions ?

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

He is visiting his sister in Texas now the money is in Michigan.

Lawyer's Assistant: Has anything been filed or reported?

He tells me he contacted the consumer protection agency and they keep giving him the run around.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

He is 85 years old and did not know what he was signing.

Submitted: 6 months ago.Category: Legal
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Answered in 5 minutes by:
12/28/2017
Lawyer: Ray, Lawyer replied 6 months ago
Ray
Ray, Lawyer
Category: Legal
Satisfied Customers: 48,198
Experience: 30 years in civil, probate, real estate, elder law
Verified

Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question and respond.

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Lawyer: Ray, Lawyer replied 6 months ago

Usually annuities are resellable.He may get less than full value but at least he would get most of his money back.

Here is a couple that buy these

Peachtree wants to help you achieve your goals. Call Peachtree at(###) ###-####to get started on selling all or some of your annuity payments for the cash you need.

Fairfield Funding is another one

(###) ###-####/p>

Call Now For a Free Quote

I appreciate the chance to help you and wish him the best.

Thanks for rating 5 stars at top of page and Happy New Year too.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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