<prompt> Human: Parent is retiring with nearly 4m in qualifiedpre-tax dollars. Upon retirement, the money will be rolled into a personal IRA. Once the rollover occurs, this is where we need some assistance. Ultimately there are two goals to accomplish. First being a steady stream of income until death. Second is to leave a legacy or death benefit for children.Current option on the table is with New York Life. Weve met with one of their large wealth investment planners to discuss multiple products. Mainly their annuity option. By their numbers, roll 1.5m into this annuity for 6kmo payout until death. Whatever is remaining at death is inherited by children. The other 1.5m is in multiple investment options include variable annuity, mutual funds, 401k. Also in play is possible Universal Life or Whole Life policy for cash payout upon death.Im looking for any and all advice on options were not considering, options we should stop considering, etc. Please do your best to justify andor give reasons for our education in this process. All of this will be setup in a trust for the children. If anyone has ideasuggestions on trusts and wills Im looking for help here as well. But mostly focused on investmentretirement plans.We are currently in opposing the wealth managementfinancial planning companies that charge a yearly fee for doing nothing. This seems like a waste of money to pay someone to pick other people to manage the funds.Thank you in advance for your responses.Assistant: Sounds overly complex and expensive to me. Id choose a single fund from Vanguard, perhaps Balanced Index, Managed Payout, Wellington or Wellesley, depending on their risk appetite. Cover living expenses through dividends and sale of shares. If they live reasonably, there is a good chance the inheritance will be a good deal larger than the 4M it stands at now.Human: What avenue would the money be used to purchase those funds? Currently, everything is pre-tax and needs to stay that way. Do we need a fund manager? Or broker? Assistant: I know it seems like an absolutely HUGE amount of money to you, but its really nothing incredibly special. Hire a fee only financial planner with a fiduciary responsibility. Hire a lawyer to setup a trust and will if they dont have one already. Few hundred-thousand dollars and youre done. No need to pay someone a percentage of 4mm every year to give you the perception since theyre really working in their best interests youve got a knowledgeable person on your side. Human: Few hundred-thousand? For what?!  <response>: he actually means a few-hundred or a thousand.Its the annuity salespeople you are currently talking to who will ultimately take hundreds of thousands for themselves. 