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I am wondering should I try and take these funds from my retirement annuities, where I can not change the ownership of the annuity to my children, and buy annuities where I can change the ownership if I desire to do so. I am not talking about the beneficiary, but ownership of the policy.

I have a Tiaa 403(b) retirement plan which I haven't started to take distributions on yet. It amounts to roughly $650,000. 1/3 of this is in Tiaa Guaranteed Income account having 10 years ( 10 equal payments) as the shortest period of withdrawl. The remaining portion ( in Cref equities) is available to me immediately. This is all the retirement income I will have.

I am 65years old ,retired for 3 years, and married. My wife ( a year younger also retired for 3years) and I are living on our social security and her pension. We seem to manage and if need

During the past 3 years I have become keenly aware of the importance of trying to take some action while you can to preserve as much of your assets for your heirs, and not give it all to nursing homes.
My mother is in a nursing home and much of what she and my father worked for and saved went to them.
She was able to divert a portion of her estate to us by changing the ownership of an annuity some 3 years prior on the advice of her agent.

These funds have done ok by me over the years. I think at this time I should get these funds where I can earn yet have the option to designate ownership.
I would appreciate any advice and comments regarding the above action , the tax consequence, comments and /or suggestions.

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