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.