S
suedue
Guest
My mother is going to need assisted care in the near future. She has less than $900 per month income and is going to apply to ALTCS (Arizona Long Term Care System) for help.
To receive assistance, she must not have more than $2000 in assets (bank accounts. CDs, stocks and bonds). She owns an annuity that was purchased 2 years for $13000 and was set up to draw interest for 5 years. At that time, she is to start drawing a monthly income from it.
In order to get the ALTCS assistance, how should we handle the annuity? Cash it in at a loss now and spend the money for her care or is there a way to keep it and still qualify for assistance?
Thanks
To receive assistance, she must not have more than $2000 in assets (bank accounts. CDs, stocks and bonds). She owns an annuity that was purchased 2 years for $13000 and was set up to draw interest for 5 years. At that time, she is to start drawing a monthly income from it.
In order to get the ALTCS assistance, how should we handle the annuity? Cash it in at a loss now and spend the money for her care or is there a way to keep it and still qualify for assistance?
Thanks