For purposes of sub. (2), the purchase of an annuity by or on behalf of an annuitant who has applied for medical assistance for nursing facility services or other long-term care services described in sub. (2) is a transfer of assets for less than fair market value unless either of the following applies: 1.
(1)#
The annuity is either an annuity described in section 408 (b) or (q) of the Internal Revenue Code of 1986 or purchased with proceeds from any of the following: a. An account or trust described in section 408 (a), (c), or (p) of the Internal Revenue Code of 1986. b. A simplified employee pension, within the meaning of section 408 (k) of the Internal Revenue Code of 1986. c. A Roth IRA described in section 408A of the Internal Revenue Code of 1986.
(1)(a)#
An account or trust described in section 408 (a), (c), or (p) of the Internal Revenue Code of 1986.
(1)(b)#
A simplified employee pension, within the meaning of section 408 (k) of the Internal Revenue Code of 1986.
(1)(c)#
A Roth IRA described in section 408A of the Internal Revenue Code of 1986.
(2)#
All of the following apply with respect to the annuity: a. The annuity is irrevocable and nonassignable. b. The annuity is actuarily sound, as determined in accordance with actuarial publications of the office of the chief actuary of the social security administration. c. The annuity provides for payments in equal amounts during the term of the annuity, with no deferral and no balloon payments made.
(2)(a)#
The annuity is irrevocable and nonassignable.
(2)(b)#
The annuity is actuarily sound, as determined in accordance with actuarial publications of the office of the chief actuary of the social security administration.
(2)(c)#
The annuity provides for payments in equal amounts during the term of the annuity, with no deferral and no balloon payments made.