Would an irrevocable trust fund with annuity keep my client from an increase in rent? 1 Answers as of August 05, 2011

I'm a financial rep helping those over 70. Have a prospective client age 86, moved into senior low income housing. Income $1400/mo. Sold house and has $100,000. Does not need income now, but this asset would effect her rent. Limited options based upon age, would an Irrevocable trust funded with annuity be suitable? Any income goes into trust checking account, not effect rent and beneficiaries receive balance at death.

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Burnham & Associates
Burnham & Associates | Stephanie K. Burnham
What is the ultimate goal with the Annuity? The irrevocable trust would remove the asset from the Senior's estate and assets, however you should be careful about any disqualifications or penalties that occur due to transferring the assets.
Answer Applies to: New Hampshire
Replied: 8/5/2011
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