Annuities as an asset protection strategy for married couples
BUT, doing it wrong could mean HUGE penalties!
- Our firm’s federal litigation paved the way in Lopes v. Starkowski (2010, 2012)
- Must be:
- SPIA (single premium immediate annuity)
- Actuarially sound
- State must be named as remainder beneficiary
- Convert assets of nursing home resident’s spouse exceeding $119,220 into an income stream
- Healthy spouse’s income is exempt
- No deeming of assets after month of eligibility
- KNOW the rules!