Mom has to take annuity, won't be able to stay on Rx plan

Ask a Lawyer

Question

Country: United States of America
State: New JerseyMy mom just turned 70 1/2 she has to take a minimum distribution from an annuity. With her low income before the distribution she is able to participate in a nearly free prescription plan which saves her a lot of out of pocket costs. If her income rises because of the distribution she will be unable to stay in the plan. Is there any way for her to receive the distribution and not claim it as income. I thought she could possibly gift the amount to one of her children to avoid the tax on it and to keep her income under the threshold.

Answer

Normally she can refuse the funds if she wishes but the funds may then go to the state.

单词	mom has to take annuity, won't be able to stay on rx plan
释义	Mom has to take annuity, won't be able to stay on Rx plan Ask a Lawyer Question Country: United States of America State: New JerseyMy mom just turned 70 1/2 she has to take a minimum distribution from an annuity. With her low income before the distribution she is able to participate in a nearly free prescription plan which saves her a lot of out of pocket costs. If her income rises because of the distribution she will be unable to stay in the plan. Is there any way for her to receive the distribution and not claim it as income. I thought she could possibly gift the amount to one of her children to avoid the tax on it and to keep her income under the threshold. Answer Normally she can refuse the funds if she wishes but the funds may then go to the state.
随便看	canadian research council canadian researchers at the end of life network canadian research institute for the advancement of women canadian research knowledge network canadian research management association canadian research transfer network canadian residential appraiser canadian resort development association canadian resource and environmental economics study group canadian resources house limited canadian resources house ltd. canadian restaurant and foodservices association canadian restricted firearms safety course canadian retailers advancing responsible trade canadian retail hardware association canadian retinoblastoma society canadian review of sociology and anthropology canadian rheumatology association canadian rhythmic sportive gymnastics federation canadian rift lake cichlid association canadian ringsport association canadian river canadian rivers institute canadian robotics competition canadian rock art research associates