Nevada uses the life expectancy tables published by the Office of the Actuary of the Social Security Administration, here.

ANNUITY RULES

According to the Nevada Division of Welfare and Supportive Services MAABD Program Manual, section 240:

1. The annuity shall be treated as a transfer of assets for less than fair market value unless the state is named as remainder beneficiary in the first position. Applies unless there is:

a. a community spouse, and/or,
b. a minor or disabled child.
c. if (a) or (b), the state is named in the next position after (a) or (b), but
d. If (a) or (b), or their representative disposed of any of the remainder of the annuity for less than fair market value, the state is named in the first position.

2. The purchase will not be treated as a transfer of assets if the annuity meets any of the following conditions:

a. Is either

i. An individual retirement annuity
ii. A deemed individual retirement account (IRA)

b. Is purchased with proceeds from one of the following:

i. A traditional IRA; or
ii. Accounts or trusts that are treated as traditional IRAs; or
iii. A simplified retirement account; or
iv. A simplified employee pension; or
v. A Roth IRA,

c. Meets all the following requirements:

i. Is irrevocable and non-assignable;
ii. Is actuarially sound;
iii. Provides payments in equal amounts, with no deferred or balloon payments.

For more information please visit Nevada’s Division of Welfare and Supportive Services.

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