If my annuity has a separate owner.am i protected from lawsuits or medicare?

Question

If my annuity has a separate owner.am i protected from lawsuits or medicare?

Answer 1

generally yes but a good attorney might pick it apart. DId the money start out as your money in your account???

Answer 2

This is actually an advanced (and therefore, technical) question.  

The government will not allow sham transactions to benefit a person receiving government assistance.  That means that you cannot pull the wool over the eyes of the government attorneys who may wish to disallow your medicare coverage.

As mentioned by the first answerer, be sure you know how to answer her question in the honest, legal, and protected way.  You cannot have someone else own the annuity and have the checks drawn upon your account.  This is a guaranteed trip to the local jail.  You do not want to live in a gated community!

(Well, not that one.)

If you have a paper trail, the IRS could discover that you pay Oscar $123.45 every month.  The deposits for the annuity are $123.45 monthly.  If the IRS discovers that to be the case, your four choices are

(1) Prepare to live in a gated community;

(2) Become bi-lingual and head for Mexico;

(3) Think of another way out of the problem you created for yourself; or

(4) Plead insanity.

Be very careful what you do.  It can be done legally.  I am not licensed in your state (probably), so I cannot offer detailed advice.  

If you wish more detailed information without establishing a practitioner / client relationship, contact me through my website.  It is www.EndlessLegacy.US

There is no charge if you do not establish the relationship.  

Fair enough?