Annuities as resources

Official source

A revocable annuity is an available resource, unless it is established after April 1, 2009, and is the type of annuity described under WAC 182-516-0201 (3)(b). This includes irrevocable annuities in the cooling-off period – a grace period that allows an annuitant to cancel an annuity contract within the first several days, because the premium can be returned. Additionally, this includes “assignable” annuities – those can be pledged or promised as collateral in order to obtain goods, services, cash, or other valuable consideration.

An irrevocable annuity is also an available resource if the annuity fails the tests under WAC 182-516-0200 (4) and (5), or WAC 182-516-0201 (3).

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Annuities as resources

Official source

A revocable annuity is an available resource, unless it is established after April 1, 2009, and is the type of annuity described under WAC 182-516-0201 (3)(b). This includes irrevocable annuities in the cooling-off period – a grace period that allows an annuitant to cancel an annuity contract within the first several days, because the premium can be returned. Additionally, this includes “assignable” annuities – those can be pledged or promised as collateral in order to obtain goods, services, cash, or other valuable consideration.

An irrevocable annuity is also an available resource if the annuity fails the tests under WAC 182-516-0200 (4) and (5), or WAC 182-516-0201 (3).