I’ll admit that I’ve been on a rampage writing blogs about the secrets of some prominent Dallas investment advisers, financial planners, and the like.

It all started when I did some checking, and what I found out I didn't like!

Well-known celebrities and business people offer their personal endorsements before, during and after some of the investment advisers' radio infomercials.

And just like those who are listening to their endorsement, you have to believe that they are willy-nilly endorsing someone whose ineptitudes and legal violations they know nothing about.  If they did, they would probably distance themselves all together.

Prominent TV ministers, a well-known owner of a real estate company, baseball and football players, doctors, New York Times Best Seller authors, political figures – even state governors.  The list of endorsers goes on and on.

And it's outrageous!

If you plan to use a financial adviser, or if you use one now, you should do your due diligence, and do it frequently.  Here are some good places to begin a search to find out the truth:

Federal Criminal and Civil Suits. www.pacer.gov.  Register for a free account.  You can then access all of the U.S. court records.  The cost is 8 cents per page.

State Criminal and Civil Suits. Google your state’s name plus judicial branch.  You’ll find how to see all public and legal documents. 

Broker and Securities Misconduct.  To check to see whether or not your broker is actually registered to trade securities – and at least one Dallas radio hotshot isn’t -- his license was revoked and he paid a big fine for misconduct.  (Nevertheless, he continues on)  www.finra.org/investors/toolscalculators/brokercheck/index.htm. 

Judgments and Liens.  Here’s an interesting source.  www.publicrecordcenter.com.  In addition, for a nominal fee, the service will do a specific background check to see if there are bankruptcies, criminal convictions, pending lawsuits in your adviser’s past or present.

Forget the free seminar that comes with the free hors doeuvre, dinner, cocktails, chance to win a free trip to Mexico, the book with all of the answers, and the free one-on-one later visit at the adviser's office.

Do your homework. And if all seems on the up and up, ask the guy what his personal net worth is.  That, after all, is a fair question.  If he is barely hanging on, why would you want to buy his advice?

BILL CHERRY, REAL ESTATE BROKER

Dallas-Park Cities
Since 1964
214 503-8563

Former Home of Jack's of Dallas
8307 Preston Road near Northwest Highway

There is a historic site in Dallas that isn’t noted on Google, and I couldn’t find any mention of the man who built from scratch what became an iconic and copied men’s barber shop.

Before you pass judgment, please hear me out.

He was Jack Pitts and his fancy men’s hair salon was named Jack’s of Dallas.

Prior to Jack's of Dallas, for years and years, men’s hairdos were reduced to about five styles:  white walls, tapered, DAs, crew, and butch cuts. 

Men like Bill Haley of Bill Haley and the Comets had slight adaptations – Haley had a hair squiggle that hung down on his forehead – but in the main, you went into the barber shop and picked white wall, tapered, DA, crew or butch. 

And you hoped the barber hadn't made too big of a mess before he massaged Wild Root Cream Oil (Charlie) on the top to plaster it down with the hopes of hiding his mistakes from you.

As far as parts go, the barber never remembered were it was.  He picked a place he liked best.

Of course every haircut was finished with brushing your neck with Jeris talc so that small pieces of the cut hair would go down the backside of your shirt collar and cause you to itch for the remainder of the day.

My hair was both course and thick – I had lots of it. 

And nothing much made the top ever look orderly. 

When I was in the 7^th grade, I became sure it wasn’t because I was 5’5” and weighed 120 lbs. that kept me from being a strong competitor against the football players for the pretty girls’ attention.

Bill with Crew Cut in 1954 ===>>

It was definitely the unruly hair.

So I went to a crew cut, held standing straight up and level across the top with a product heretofore used by black men called “Royal Crown Hair Dressing.”

The stuff smelled, so I tried covering it up with extra blasts of Old Spice cologne.

I noticed no one got too close to me.  But what was I to do?

Then a hair miracle happened in 1964! 

Jack’s of Dallas appeared on the scene, and with it came the razor cut and the finished product styled and held in place with a new product called Dep.

No one’s hair would dare move after a dose of Dep jell, cooked in place with a hot bonnet hair dryer, and then that hold further guaranteed afterwards by five long spray can spritzes of lacquer.

Jack Pitts became my hero.  I was able to have a regular haircut, and it would stay in place, and I could look like a grown man.

Never mind it cost $7 plus tip a week when regular barbers were will getting $1.50.  He transformed me into the man I had dreamed I could be --- if only I could wear a regular hair style.

<<== Bill 1965, Jacks' of Dallas Hairstyle

Boys and men by the droves fought for appointments with Jack.  Norris of Houston brought the same concept there.

While better hair products have come, and my hair has gotten less course and thinner, nevertheless, without Jack Pitts and his Jack’s of Dallas, I would have been a hairstyle outcast for at least the first forty years of my life.

So I am lobbying the City of Dallas to install a historical marker on the site of Jack’s of Dallas, 8307 Preston Road.

It’s the right thing to do.

BILL CHERRY, REAL ESTATE BROKER

Dallas = Park Cities
Since 1964
214 503-8563

An electric service company, Milestone Electric, has popped up in the Dallas-Fort Worth Metroplex within the past few years.

It has grown into a large company.  And it must have an enormous marketing budget because of its many TV and radio ads.

Yesterday afternoon, I was driving east on Northwest Highway near the Buckner exit.  Two ladies in a small car had a flat tire and had pulled off of the road.

The big Milestone Electric truck was parked in front of them, and the uniformed electrician was changing their tire.

My guess is that a lot of those of us drove by and saw that act of good citizenship will use Milestone in the future, who might not have as a result of having seen and heard their TV and radio ads.  I'm one of them.

BILL CHERRY, REAL ESTATE BROKER

Since 1964
Dallas – Park Cities
214 503-8563

I was a child when the U.S. wondered if it would remain free.  World War II was raging, and everyone was pretty scared. 

Many of my friends’ dads were in Europe fighting for our freedom.  Some came home injured.  Some came home dead.

From our parents to our school teachers to our ministers to our parents’ friends, patriotism was taught to us and continually reinforced.

It has stuck with me. 

For an example, I have never owned a home where I didn’t fly the American flag, and I never will. 

Our flag stays up day and night, but we follow the proper procedure -- keeping it lighted after sundown.

I put my hand over my heart when I say the "Pledge of Allegiance" and sing the "Star Spangled Banner."

Back then, U.S. Government buildings always flew flags.  Brand spanking new ones. 

And every morning one of the employees raised that building's flag, and every evening before sundown, one of the employees took the flag down, and it was then properly folded.

Today, I noted that the postal substation I usually use had a faded, tattered flag flying.  Its main station had a naked flag pole, no flag flying at all.

Bad enough that bunch is losing money right and left, but there is no excuse for it being lax on flag etiquette.

If the person in charge worked for me, today would have been his last day.

Bill Cherry, Real Estate Broker

Since 1964
Dallas – Park Cities

214 5093-8563

The Story of Franny Kay’s Bout with Lew’s Piano

By Bill Cherry

The glow of sunset in the summer skies,
The golden flicker of the fire flies,
The gleam of love light in your loving eyes,
These are the things I love
--Words by Harold Barlow, Music by Lewis Harris

Galveston implant, Lew Harris, wrote the music to this song when, just out of Boston College, he was the pianist with the house orchestra at Manhattan’s famous Rainbow Room. 

Over the years, Lew Harris’ song, “These Are the Things I Love,” has been recorded by Judy Garland, Frank Sinatra, Caterina Valente, Della Reese, even jazz trumpet player, Dizzy Gillespie.

But to Galvestonians, the most memorable version was sung by Robert Goulet, because it was the theme song for Lew Harris’ wife, Frances’ 54-consecutive year radio program for the Island’s KGBC-AM.

After University of Texas, Frances Kay Harris (the Kay was her maiden name) was trying her hand as a Broadway theater actress when she met Lew, who was in New York making his way as a composer of musical comedy.

Within what seemed to both of them like moments, they married.

It was the war years, and things were tight, especially for a couple who had two children, aspiring to make their way in the entertainment business

In 1947, with the almost constant encouragement from Frances’ dad, they gave up Broadway and moved to Galveston.  Lew joined his father-in-law in the general insurance business; Frances took up daily broadcasting the women’s news.  Tracy and Johnny enrolled in public schools.

Lew’s dream was to own a Baldwin grand piano.  He had no trouble picturing it in their Harve Lafitte home’s living room.  But, after all, he once confided in me, a grand piano is a rather selfish thing to buy when you’re the only one in the family who is serious about his music.

Nevertheless, for a number of years he saved a few bucks at a time until he had $10,000 in his “piano fund.”  He called Joe Ginsberg at Ginsberg’s Music Center, and had him order the exact Baldwin model grand he had always wanted.

When Joe called him to let him know the instrument was in and ready to be delivered, Lew withdrew from his Moody National Bank special account, $10,000 in one hundred dollar bills.  And he took them to Joe as a way of adding an emphasis to the accomplishment.

When it was delivered, Lew’s decorating eye was confirmed.  It did look great in the living room, and the sound and tone displayed themselves magnificently as they bounced against the big floor to ceiling windows that overlooked their backyard pool.

Some years after Lew had died, Frances called me.  “Bill, it’s Franny Kay.”  I had always jokingly called her Franny Kay, and she had always made out like what she had heard me say was “Frances Kay.”

This was the first time she had ever referred to herself to me as Franny Kay; a milestone since at least 35 years had passed since I had first decided I’d call her that.  It had always been our subtle joke.

“Tracy is coming home for the holidays, and she may want to play Lew’s piano.  When can you come tune it?”

The day I arrived for the appointment, Franny Kay had her little manicure table-for-two set up next to the big windows that overlooked the pool.  Her manicurist was on the way to attend to her nails and to gossip. 

That afternoon, Franny Kay’s lifelong friend, Ruth Kempner, would stop by for their almost daily game of for-blood Scrabble.

Her maid, who had been with her for decades, had a small TV set sitting in front of herself at the breakfast table.  The maid’s head was on the table in her arms; she was asleep.  The TV chattered on and on as if she weren’t.

I sat down at Lew’s piano to began to play.  Nothing came out.  The keys couldn’t be depressed.  What in the world is wrong, I thought.

When I opened the lid of Lew’s $10,000 magnificent Baldwin grand piano, the strings were fully covered by at least an inch of cat hair!

“Franny Kay, what in the world?  How do I tune a piano that doesn’t play?  Why has the cat been sleeping inside of Lew’s piano?”

“Bill, you’ve got to learn to love animals more.  Since Lew died, no one has been here to play or enjoy his piano but my cat.  It brings her great pleasure.  But I guess she’ll have to find another place to sleep.   Can you fix it?”

“I can’t, but I use a piano restoration company that will be able to.  I’ll pull out the action and take it there and get an estimate for you,” I promised.  “But there’s no way Tracy will be able to play Lew’s piano this holiday season.”

“Franny Kay?  It’s Bill Cherry.  The restoration company said it will cost just shy of $5,000 to bring Lew’s piano back up to snuff.”

When I brought the action back, put it in place, then tuned Lew’s Baldwin grand, the first tune I played for Franny Kay was Lew’s song, “These Are the Things I Love.”  She smiled throughout it all.

I thought of the friendship I had enjoyed with the remarkable Franny Kay and Lew Harris since I had been a child.

Then be darned if the manicurist didn’t ring the doorbell and break my spell.  Franny Kay went to greet her, and I packed my tools and left.

About two years later, the phone rang.  “Bill, it’s Frances.  My computer is upstairs, and I think it’s time to move it downstairs.  The only place I can think of where it will fit is where Lew’s piano is.  What should we do with Lew’s piano?’

“That’s easy.  Lew was rabid about raising money for the Moody House Retirement Home.  What about putting it on permanent loan there?”

And that’s what she did.

Frances Kay Harris left us on January 22, 2012.  She was 94.

Copyright 2012 – William S. Cherry

THE NIGHT OF JANUARY 16^TH

By Bill Cherry

Fifty-five years of January 16ths have come and gone since then, but the lesson taught on January 16, 1957 by Ball High School speech and drama teacher, Arthur Graham, at the old Galveston County Courthouse remain intact to this day with those who were there.

Graham had undergraduate degrees in speech and drama, physiology, and a master’s degree in psychology.  He had planned to be a medical doctor, but lack of money had interfered with that.

So after a few years acting off-Broadway in minor legitimate theater productions, he returned to Galveston to teach.  And he did that at Ball High for the next 33 years.

It troubled him that a lot of students and the public in general were convinced that popularity rather than achievement was almost always the deciding factor in which students reined as the chosen few.

Graham recalled seeing the unusual play that Ayn Rand had written in the late 1930s for the Broadway stage. 

It was titled “The Night of January 16^th” and it had a clever gimmick, one that hadn’t been used before.

The story was a fictional murder trial.  It was performed in a courtroom setting, and the outcome was determined by jury members randomly selected from the audience moments before the curtain rose for the first act.

Rand had written two conclusions, so that whichever verdict the jury turned in, the actors could segue to lines that embraced the proper outcome.

Graham’s version ran two successive nights.  He chose co-captain of the Ball High Tors, Bobby Wilkins, to play the defense attorney. 

And he picked ROTC Company “C” Guidon Bearer,Victor Damiani, to be the prosecutor.

Speculations ran high among Ball High students.  How could Damiani be a match for Wilkins? 

After all, the juries for both performances were sure to be picked from audiences of students.

That inferred that no matter which of the attorneys was the better prepared or was the most convincing in his part, the co-captain was certain to beat out the guidon barer.

The first performance, Friday evening, came and all of the actors --- Wilkins, Damiani, Peter Moore, John Rowland, Raleigh Garcia, Peggy Burton, Pat McInerney, Nancy Frederickson, Jean Moreland and Sandra Salinas -– gave credible performances.

The jury gave its verdict.  They found the defendant was not guilty.

Damiani and his supporters said they knew that was what would happen.  They thought it was pointless to have the second performance. 

The defense would surely win the jury’s verdict again.

Graham, though, was betting that something else would happen.  And it was the lesson he wanted to teach.

Sure enough, Saturday night’s jury’s verdict went to the prosecutor. 

So now it was a tie; one for Wilkins, one for Damiani.

Graham had let students discover for themselves that Wilkins hadn’t won the first night’s verdict because he was the co-captain of the football team.  He won because the jury felt he was the more convincing.

And, Damiani, despising his first-night defeat, had spent all day Saturday rehearsing his lines over and over again, with his Aunt Rena as his audience and critic. 

When that night’s performance came, he was infinitely more prepared to win than he had been the night before.

As Damiani turned to walk out of the courtroom with his victory, he looked at the large portrait that was in the regal frame and hanging on the rear wall. 

He grinned and said under his breath, “How’d you like that, Judge?”

The picture on the wall was that of his cousin, Judge Jules Damiani, Sr., who in years past had presided over many criminal trials in that same courtroom.

Copyright 2012 – William S. Cherry

If you remember what you learned in school, in general the circle is the strongest geometric form, followed by the triangle.

From a practical standpoint, though, most building frames and trusses are made strong by converting some of their naturally perpendicular rectangles into triangles through the addition of cross members.

Probably one of the major structural components with which everyone is familiar is the gable roof. 

It, in itself, is a series of triangles that, when covered by the roof decking, becomes one large triangle.

The gable roof has two weak spots – the two ends.  And that’s where strong winds, hurricanes and the like have a field day, and many breeches occur.

In years past, gable ends were strengthened with shiplap lumber, cut and nailed on the bias to the frame.  Picture that in your mind.  That then made each of the gable ends a series of triangles to which the siding was affixed; enormously strong.

Apparently to save money, builders began enclosing gable ends with ¾ inch plywood, veneered with the siding.  While not as strong as the shiplap, nevertheless, plywood gave substantial strengh, too.

Today, gable ends on home after home are built with little thought given to shear stress.  Instead of the end caps being made of shiplap on the bias or plywood, they are merely covered with fiber board underlayment which has very little shear or tensile strength. 

The underlayment is then veneered with siding which also has very little shear and tensile strength.

If the strong wind blows-out either of the gable ends, the entire structure is seriously compromised – all the result of the builder’s putting first his own economy.

If you have a gable or a hip roof, you may want to go into the attic and investigate how the ends were strengthened, if at all.  A structural engineer can advise you how to correct any weak spots. The "fix" will normally not cost more than an investment of a few hundred dollars.

It's a worthy exercise and investment.  And your insurer should love you more as well.

Actually, far fewer homes on the gulf coast would suffer significant damage in hurricanes if their roofs were closed-end, square hips like the one on the garage in this illustration.

BILL CHERRY, REAL ESTATE BROKER

Dallas – Park Cities
Since 1964
214 503-8563

I’m on a tear and I admit it!

I’m tired of people allowing major repairs and renovations to their homes without a city or county building permit. 

A few months ago, I realized that a 1,500 or so square foot addition was being built on the back side of a nice home in my neighborhood.  It was hardly visible from the street. 

There was no one living there.  It had been bought as a short sale by a professional “flipper.” 

One evening after the workers had left, I looked to see how the construction was coming.  I saw major code violations, and that’s when I realized that there was no building permit posted.

Being the busy body that I am, I called the city building department.  The fellow looked the address up, and said, “They have a permit for the dumpster that’s in the street.  I don’t see any need to check for a building permit.”

So that meant that all of the work -- ESPECIALLY the framing, plumbing, electrical, HVAC -- was probably being done by handymen and workers without required licensing.

Recently, I have watched a number of roofs in our area as they are being replaced because of major hail damage.  Out of all of them, I’ve only seen one building permit posted.

Roofing is tricky business.  If you don’t do it right, the chance of failure and extensive damage from the weather is extraordinary.

One roofer was installing a new deck over the rafters.  He and his crew were nailing the deck upside down! 

Others were not correctly felting the valleys.  Almost all were shorting the number/type of nails the manufacturer requires for each shingle.  Others were not overlapping shingles correctly.

One time, about eight years ago, when Patty and I were looking at houses to pick our new Dallas residence, we saw a garage conversion that had electrical outlets totally wired with lamp cord!  We wouldn’t have bought the home anyway, but if memory serves me, the asking price was more than $300,000!

A house ready, willing and able to have a major fire, and on top of that, the outlets were not grounded.

So what liability transfers to real estate agents and brokers who knowingly handle the marketing of such properties?

BILL CHERRY, REAL ESTATE BROKER

Dallas – Park Cities
Since 1964

214 503-8563

I am not an attorney; however, I’ve been forced to mess with Wills and Living Trusts for at least thirty years.  One of them was one that one of my mother’s attorneys convinced her to initiate to replace a Will that had been drawn by another of her attorneys a few years before.

So the other day, a friend of mine, knowing all of this, asked me to address what I feel are the issues with Living Trusts because in his own case, he is beginning to see “cracks” in his that he doesn’t like.

I thought I’d share with you what I wrote to him..my sole opinion. 

Remember, I live in Texas.  Each state has its own probate laws.  Nevertheless, generalized, the following is reasonably standard.

If you find merit in it, please make sure that you let your attorney, financial advisors and family weigh in before you make any decisions. 

I believe that the main problem with Living Trusts is that for all practical purposes that they exist is to keep your business as a secret from the world.

Often it's claimed, and in some states it probably is, cheaper to administer at death rather than to probate a full Will.

And that&#39;s the very selling points that lawyers push as being so wonderful about the format. 

However, in almost all cases, that simply isn&#39;t true in Texas.  It is true that legal fees for drawing the documents necessary for a Living Trust exceed those for a simple Will.

The other selling point is that everything addressed in the successor Trust is a secret from public record and, in the main, probate court scrutiny. 

The third is they are almost always drawn so that the trustee does not have to post bond.

(Like it or not, that is primarily because bonding companies charge high premiums to insure non-professional trustees because their past experience with non-professionals is that claims paid are high.  That&#39;s a sure indication that bonding companies know something you need to know.)

And just as bad, they are often drawn wereby there is no requirement for annual audited financial records.

If the trustee is sued by a beneficiary for any actions other than alleged fraud that the trustee has committed on behalf of the trust, the trust pays all of the trustee&#39;s legal expenses; the trustee is defending the integrity of the decisions of the trust which are, in fact, the trustee&#39;s. 

The trust doesn't pay the expenses of the person who is suing unless, of course, the trust looses the law suit and the court awards attorney fees to the plaintiff.

Another thing that is wrong with them is that the trustee is usually a beneficiary.  Like it or not, it is a conflict of interest.

Experience has shown that trustees often give weighted consideration to what will personally benefit them rather than equally to all of those designated as beneficiaries

If a trustee wants to force compromise by the other beneficiaries, often the trustee need only drag its feet in making timely dispositions to the beneficiaries.

And finally, rarely do the trustees have sufficient pertinent business and legal experience when it comes to managing a trust.  They just do not, and on the job training is costly to all.  And it may not be successful!

And just think, most trust agreements provide payment to the trustee for his services, and he’s paid before there are distributions paid the beneficiaries.

So contrary to what many attorneys claim ... that the cost of a trust is usually far less than messing with probate...is one with which I strongly disagree. 

At least with probate, the court must make certain that the testator&#39;s wishes are carried out, and that requires the executor to handle things the way the court instructs/approves. 

So it costs more....what is more important, having your wishes abided by or risking that the trustee will do things his/her way, knowing that no one is going to sue, and if they do, the trust pays the bill, not the trustee.

If your plan is to have a Living Trust, you might consider having it written so that the first generation receives the income off of the trust assets and has the right to some specific distributions on certain dates throughout their lives, but that the corpus itself passes to the second generation or a charity upon the death of the named beneficiary(ies). 

That helps stop a spendthrift. (Interestingly but predictible, unless distributions are spread out, most beneficiaries immediately by a new car and pay off their credit cards within sixty days of their new found "wealth.")

I would appoint a trust department of a national bank as the trustee, if possible. 

They not only manage things the way the trust agreement orders them to, but they make certain the thing stays legal, that income taxes and property taxes are properly filed and paid, and that regular accounting statements are provided the beneficiaries. 

Trust accounts are subject to regular audit by the bank's internal auditors as well as the national bank examiners.

And, professional trust companies of banks are always bonded.

If you decide to limit what certain beneficiaries will receive, you have every right to do that as long as you do not ignore naming them in the trust and Pour-Over will.  Name them in the trust, then say what they get. 

There doesn't have to be a reason for your decision to be specified.

Living trusts are often not fully funded.  As I mentioned above, they are accompanied by what is known as a Pour-Over Will.  

Its primary purpose is to make certain that any property that has not been deeded to the Living Trust prior to the time of your death, automatically passes to the successor trust at that time, and to name the trust that suceeds the living trust at the time of your death.

A Living Trust ends when the moment the trustor dies.

Make certain that as soon as the Living Trust is formed, that you have your attorney deed everything to the Living Trust, and that all future business is done under its auspices. 

That means separate bank accounts and seperate income tax filings.

In the case of your home, I believe that you will want to deed it to the Trust and retain a Life Estate.  Your attorney will help you make this decision.

Here is a word of caution:  Often attorneys leave "per stripes" as part of a will or trust.  Here is what it means:

“An estate of a decedent is distributed per stirpes, if each branch of the family is to receive an equal share of an estate.

“When the heir in the first generation of a branch predeceased the decedent, the share that would have been given to the heir would be distributed among the heir&#39;s wife and children in equal shares.” 

If you are going to specifically name each person/organization and what they will receive and under what conditions, you will want to make sure that the attorney does not inadvertently have per stirpes language in the document, as it could be conflicting.

Finally…

If you continue with the Living Trust, have your attorney draw up a Memorandum of Living Trust which you will sign and have notarized in a format that can be recorded in the deed records and the probate records of your county, then make certain it is promptly recorded. 

Its purpose is to notify "the world" that the trust exists and in general language, who the trustee is and who the beneficiaries of the remainder trust will be at your death.  Once you have it recorded, send a copy to everyone who is named.  This will keep the trustee from “inadvertently” failing to notify anyone of their good fortune…like your church, for an example.

Again, this whole piece is my opinion and from professional information I assume to be reliable.  If any of this strikes cords, print it out and have your attorney read and advise you accordingly.

BILL CHERRY, REAL ESTATE BROKER

Dallas – Park Cities
Since 1964

214 503-8563

One of the most asinine bits of false logic that stock brokers and many investment advisers have told clients for years is that the sales commissions on all life insurance annuities are outrageous.

That’s the primary reason given to convince investors to pick stocks, bonds, mutual funds and the like rather than annuities.

But the problem with that logic is an obvious one. 

Most people who purchase life insurance annuities do so to guarantee their capital for the life of the policy, guarantee the rate of return, and guarantee that they will not outlive the corpus and income stream of their investment.

With an annuity, yhe policyholder knows he will receive a check of a specified amount each month for the rest of his life.  And further, he can designate a beneficiary for that portion of the corpus that has not been used prior to his death.

No other recognized investment vehicle can do that.

While the commission charged and earned on stock purchase and sales may be substantially lower than those on annuities, what does matter is if there is a possibility of loss!  That loss of capital invested in most other vehicles can easily and quickly overshadow the commission charged on an annuity.  In fact, the investor can be left with nothing, or next to nothing,

Many are experiencing this today, all the result of the conditions of the current world and US economies.

Before people over fifty years of age do anything, they should address how they will financially provide for themselves when they no longer work.  We’ll call those investments their “safe money.”

Safe money belongs in cash deposits, U.S. Government Bonds and appropriate life insurance annuities; not in speculations.  It's the money that will provide you a defined standard of living, and assure it for you no matter what's happening with the Dow Jones.

Here are the main types of annuities:

Deferred vs. Variable vs. Income Annuities

Fixed deferred annuities are the best choice if you want a guaranteed interest rate, the benefits of tax deferral, can afford to keep your assets in the plan for at least five years, are saving for your retirement and want to convert these funds to future income.

Variable annuities are appropriate if you can set aside a substantial amount of assets for ten or more years, are looking for tax deferral benefits, and are saving for retirement. 

Income annuities may be your best option if you are already retired or close to your retirement, want a guaranteed income in retirement, have a lump sum or rollover amount you can convert to an income stream, and are worried about living longer than your income will last.

THE EPILOGUE

My father was an executive with a major life insurance company for most of his adult life, and on the boards of directors of a number of others.

He did his best to encourage me to prepare for my retirement by using life insurance annuities.  I chose not to listen, instead worrying about what the salesman might make if I bought one.

My daddy was right; I was wrong. And that’s why I’m trying to convince you not to make the same mistake.

Study the products of several life insurance companies.  You'll find one suitable for you and your family.  Retired people usually don't have a second chance to rebuild their net worth.  You don't want to find yourself in that dilemma.

BILL CHERRY, REAL ESTATE BROKER

Dallas – Park Cities
Since 1964

214 503-8563