Annuity Income or Asset?

Discussion in 'General Discussion' started by nepavet, May 13, 2014.

  1. nepavet

    nepavet Newbie

    Just wondering if anyone knows how an immediate annuity is interpreted by the VA? The payments are scheduled to be paid out over Dad's lifetime in equal monthly payments. Since it was established with a lump sum of funds, there is a amount of money that is in the annuity account. Since the funds are locked into the fund and cannot be removed, even with a penalty, do the payments count as a source of income or does the amount of money in the annuity count as an asset?
  2. vetadmin

    vetadmin Administrator Staff Member

    The monthly payment counts as income. The annuity does not count as an asset.

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