Are annuities in my trust considered as a joint asset? Husband is only a beneficiary.

If the money was put into the spouse's name within the five year look back period, a penalty will be assessed for the transferred asset.

Geewiz, I am the owner and annuitant. Are the excess funds (annuities) protected? Daisy38

Should either of you need to apply for Medicaid, the annuity will likely be considered an asset. The rules for community spouse asset limits (about 114K) & what can be excluded (like a compliant SPIA) are rather different than for an individual Medicaid application (2K). For community spouse situations having the NH spouse become indigent but keeping the CS with funds is not as straightforward as individual Medicaid rules. If you find that Medicaid is likely in the future, really speak with an elder law attorney & FA who understands the complexities of medicaid & community spouse situations. You have to be proactive in this as often a younger CS outlive the NH spouse by decades & need $ for their own future.

Check the contract to see who/what is listed as the owner. I refer to the Annuity contract, by the way. If the annuity is owned by the trust, then the rules of the trust prevail. If it is in your name, then you are the owner. If it is owned by your husband, then he is the owner. Then find out who the annuitant is! If you can't find the contract or want to verify your understanding, call the insurance company that issued the contract and ask them to explain what happens at each person's death -- yours and your husband's. Annuities are complicated and using a trust with them increases the complexity. Typically there is an 'owner', an annuitant; and a beneficiary. Different things happen at the death of these people.