Can a Tax-Deferred Annuity be Converted into a Medicaid Compliant Annuity?
Yes, a tax-deferred annuity can easily be converted into a Medicaid Compliant Annuity.If the current carrier does not provide a Medicaid Compliant Annuity, the tax-deferred annuity can be "transferred"...
View ArticlePredeceasing a Medicaid Compliant Annuity
"If a single person buys a Medicaid Compliant Annuity to provide income during a disqualification period, and the state Medicaid agency is designated as the primary beneficiary, what if the individual...
View ArticleIRA Distributions - Avoiding the 10% Penalty
When a client takes money out of an IRA before reaching age 59 and a half he or she is liable not only for income taxes on the distribution, but also for a 10% penalty - which is based on the...
View ArticleUsing a Promissory Note in Medicaid Planning
The use of promissory notes in crisis Medicaid planning is becoming increasingly unpopular throughout the nation. In Arkansas, they are treated as trust-like devices, thus determined to be countable...
View ArticleMedicaid Compliant Annuity Payouts: Life Only, Period Certain, or Life and...
When investing in an annuity providing immediate payments an applicant can usually select one of three different payout options:Life-Only Payout: Payments continue as long as the owner/annuitant...
View ArticleIncluding Financial Advisors in Medicaid and Veterans Benefits Planning
How to include financial advisors in the planning process is a topic I frequently see discussed on various elder law listservs. The problem at hand is that many elder law attorneys have, or seek to...
View ArticleYou Can do THAT with an IRA?!?
In some states an IRA is an exempt resource for the community spouse, or even both the community spouse and his or her institutionalized counterpart. For the states where the IRA is a countable...
View Article15 Things You Might Not Know About Medicaid Compliant Annuities
1. Dale Krause was essentially the creator of the Medicaid Compliant Annuity.Once upon a time in a land far, far away, Dale Krause worked with insurance companies to create the product he needed....
View ArticleAssignable vs Cash Value: What's the Difference?
Most of you are aware of the new VA Annuity available. For those that aren't, it's essentially a traditional immediate annuity - revocable and assignable, but still offering zero cash value. By...
View ArticleI Have to Make Medicaid a Beneficiary?!
"Then what's the point of using a Medicaid Compliant Annuity?" I hear this quite often, in both working with newer elder law attorneys and families of the elderly. With the state Medicaid agency...
View ArticleA Year in Review: Top 10 Blog Posts
With 2012 coming to a close, now is a perfect time to reflect on all that's happened throughout the past year. I thought I'd start by looking through my blog posts of 2012, many of which signified...
View ArticleDo You Find Annuities Confusing?
You're not alone. If you're not an insurance agent annuities can be confusing. I'm frequently asked questions regarding the difference of annuities, and how the difference kinds are treated for...
View ArticleWhat's Happening to VA Planning with Annuities?
As Veterans Benefits planning increased in popularity, so did the use of insurance products in the planning marketplace. On the rare occasion one would see an immediate annuity incorrectly classified...
View ArticleAnnuities: Revocable vs. Irrevocable
Recently I've seen quite a bit of confusion on various elder law listservs relating to annuity policies and the provisions they entail. Specifically, the confusion has been surrounding the...
View ArticlePlanning Around Existing Life Insurance
It's quite common for a family to bring in documentation for a handful of old life insurance policies during your planning meetings. However, if the face valued of a policy is greater than $1,500 (in...
View ArticleThe "I'm Going to Shop Around First"
In that my office generally does not work with the public, but rather with attorneys and insurance agents, I don't hear this as often as I'm sure you do when it comes to plans involving Medicaid...
View ArticleAssisted Living Facilities and Medicaid
Assisted living facilities are an important component of the long-term care system. I'm continually surprised by the amount of elder law attorneys that are unaware of the opportunities involved in...
View ArticleWhat Happens if You Exceed Resource Limits During a Penalty Period?
My office receives no shortage in calls from attorneys and agents whose clients received an inheritance or had a home sale in the midst of a Gifting/Medicaid Compliant Annuity plan (also referred to...
View ArticleWhat is the Appropriate Length for a Spousal Medicaid Compliant Annuity?
"How does the community spouse's monthly income affect planning the payout period of the Medicaid Compliant Annuity?" This was a question recently submitted through this website. It's an excellent...
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