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Politics : Sioux Nation

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To: stockman_scott who wrote (68860)	5/25/2006 3:09:35 PM
From: Travis_Bickle	Read Replies (1) of 361613

"In February 2000, Mother Jones has learned, the Lays paid about $4 million -- an amount greater than Lay's entire salary from Enron that year -- to buy variable annuities that will, starting in 2007, guarantee the couple an annual income of about $900,000." The annual income looks farfetched to me given the initial investment. But I did the same some time ago to provide me with "sh** hits the fan" money. In Florida we have a four year look-back period for such conveyances, and it is only exempt (near as the experts can tell, lots of unsettled law in this area) if there is a surrender charge. Some low-cost variable annuities don't have surrender charges. Also the investment should not leave you anywhere near to insolvent. I went with a Vanguard fixed-rate annuity with a surrender charge which is a piece of crap investment but it would pass court muster if push came to shove. Imo for someone of his (former) net worth it is not a surprising transaction, you'd have to be an idiot not to squirrel some money away in his position.

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