Annuity Buying
How do you go about transferring an annuity (pension)?
My mother-in-law is probably going to have to enter a nursing home and will not be able to afford it. I understand that Medicaid will pay for the care, but first she has to use up all her assets. She has one small annuity that she gets from her former employer and we’d like to have that transferred to us so that we can A) go ahead and get her on Medicaid and B) be able to use that money to buy her the incidentals she’ll need.
So how do we do that? We don’t want to break the law of course, so we need a legitimate method to have that money transferred. Is that even legal is also a question I have too, if you know that.
Thanks for the responses 
http://www.aarp.org/health/insurance/health_medicaid/medicaid_the_basics.html
The above link will help with general questions. Much depends on which state you live in. In my experience, the government will get the income from the annuity. Also, be aware that there is a “look back” period in most cases. That applies if your mother-in-law gives money away…the state will look back (generally three years)…if the gift is within that period, the state will still consider that money to be part of her total assets.
Pension Annuity.mp4
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