If the annuity is irrevocable and has no cash surrender value, it must be evaluated to determine whether or not the income stream of the annuity is considered as an available resource. The value of the income stream of an irrevocable annuity belongs to the annuitant. The value of the income stream from the annuity is the amount of the remaining guaranteed payments verified by the policy or the company that issued the annuity, unless there is documentation that the annuity could not be sold for that amount to a third party. If the annuity cannot be sold for the amount of the guaranteed payments, its value is the amount it could be sold for. To determine the amount the annuity could be sold for, the annuitant may:
- provide documentation from the company that issued the annuity verifying the amount that they will pay for the annuity if sold to them; or
- obtain the value of the annuity on the open market if the issuing company will not buy the annuity (Companies that buy annuities can be located through an Internet search)