Hey all, could really use a little financial advice here. My wife's grandmother passed about 2 months ago. She had a small annuity worth a little over $100 k . The beneficiary is my wife's grandpa. However, he is literally on his death bed. My wife is the grandpa's financial Power of Attorney. Ultimately, the $100k will be split between my wife's mother and her uncle (son and daughter of the grandparents). We would love to just take a lump sum and then divide the 100k equally between the son and daughter, however, I believe there are tax implications on this. We would hate for the 100k to turn into 60k because we don't make the right choice regarding taking a lump sum or what they call "Spousal Continuance." If the grandpa was in good health we would do the Spousal Continuance but he could literally die today or tomorrow. Hospice is involved, etc. Appreciate any advice as I know there are some very wise professionals on here who know these types of things or maybe there are some members who have gone through something similar. My wife and I are teachers so we just don't know that much about tax implications etc. We could reach out to an accountant locally, but we don't know how much time we have to get this figured out. Thanks in advance.
