FWIW, annuties are less expensive currently because of the relatively high interest rates. A $11k/mo annuity for someone retiring in in 2025, with some form of survivorship, will be about $2 million. This obviously ramps down the further out the retirement is, so someone who retires in 10 years it's about $1.2 million.

Taxes are going to be the big hurdle. You just can't lay $3 million in one lump on someone without the government taking a BIG slice. It's probably the most tax inefficient way to do anything.