How do annuities work for VA A & A?
If a claimant has access only to income generated by the annuity, not the principle AND is irrevocable i.e. the claimant cannot change the terms of the annuity, during their lifetime, so no access to the principle, then the VA should count only the income stream, generated by the annuity, provided performed before application.
Additionally, if the annuity income is paid to the veteran’s spouse, then annuity income of spouse, vet's and spouse's other incomes all count, regardless of whose name is on the income asset or who is the receiver of the income. The income can be spent on anything, provided that unreimbursed medial expenses are greater than the total household gross income.
See some of our previous Blogs, regarding financial (annuity) scammers
To increase your monthly income, please contact us about a FREE HANDBOOK about VA Benefits, written by David Wingate, an accredited VA Attorney, of Senior Life Care Planning, LLC, go to firstname.lastname@example.org or if you require additional information about VA Benefits, visit our Senior LCP's Website.
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