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Transfer of Assets to Annuity & Irrevocable Grantor Trust

June 15, 2009

Appellant transferred in excess of $150,000.00 to a single premium immediate annuity. DSS claimed  invalid transfer because the  broker that sold the annuity was not licensed in Connecticut. DSS claimed that annuity was void and appellant was entitled to obtain refund. Therefore, appellant did not meet the asset threshold of $1,600.00 Hearing officer upheld the transfer penalty of 20 months imposed by DSS.

Fair Hearing Decision 6-15-09 (PDF)