Asset converted to an annuity

[rapper]

If you convert an asset worth $50,000.00 to an annuity which pays monthly income over a fixed period of time, am I correct in asuming that the newly converted annuity does not count as an asset under the $80,000.00 limit test?

[Fit2009]

there is no $80,000 asset test, you are falling prey to an annuity salesman.  That is merely the point at which it becomes a High Net Worth filing and (gasp) you have to fill out 4 more peices of paper.

[rapper]

I realize about salesmen. A salesman did not make the pitch for the annuity. It was my decision. I just need to know if an asset converted to an annuity is considered and listed under income and not counted in the asset column. Thanks