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In the matter of Carlini v. Velez (U.S. Dist. Ct., D.N.J., No. 12-7290 (JEI/KMW), June 4, 2013), the Burlington County Welfare Agency ("CWA") of New Jersey took issue with a standard set of language found in a Medicaid Compliant Annuity policy.
Initially the CWA determined that the annuity was an available and countable asset. CWA then later found that the institutionalized spouse was eligible, but subject to a penalty period in that the annuity purchase was considered a transfer ...
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 Compliant Annuities. I'm referring to the old "I'm going to shop around first and find a better rate," or "my family financial planner can probably just get this for me."
Annuities are nothing new. We all know that they're a popular insurance product. And we all know the basic premise behi ...
Those elder law attorneys that have included Veterans Aid & Attendance benefits in their practice most likely recall Senate Bill 3270, introduced June 6, 2012. SB 3270 wasn't enacted, and Senator Ron Wyden of Oregon recently introduced SB 748 in its place. SB 748 appears to be identical to SB 3270.
Like SB 3270, SB 784 addresses several key points:
A look back period of 36 months, beginning the date of application;
A period of ineligibility for assets transfe ...
In the words of the Secretary of Veterans Affairs, Memorial Day is set aside to honor the more than one million of our fellow citizens who have fallen in battle since the founding of our Republic. Their service helped to shape us as a Nation and secured, for us and our friends and allies, our security in a troubled world. Except for their service, we all would be facing different circumstances today.
On Memorial Day, their service in uniform stands in contrast to our ball ga ...
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 most states) the cash value will be considered available. Alternatively, if the face value of a policy is less than $1,500, the cash value is considered exempt. Most have policies with face values exceeding $1,500. So where do you start?
One option is to simply cash ...
In the matter of Cook v. Bottesch (Ga. Ct. App., Nos. A13A0006, A12A2268, A12A2269, A12A2506, March 26, 2013) a Georgia court of appeals held that an annuity purchased by an applicant for Medicaid did not need to designate the state Medicaid agency as a remainder beneficiary, and that the requirement only applied to spouses of applicants.
The court held that a plain reading of federal law "shows that annuities benefitting community spouses must name the [s]tate as a remainder beneficiar ...
Throughout the recent years I've seen an expected increase in elder law attorneys joining Facebook, Twitter, LinkedIn, YouTube, and now even Google+. However, I hear that many are still on the fence about using social media as a marketing tool for their law firms. It's time to get off that fence and embrace social media.
And it isn't just young people that are using social media, so don't brush it off as not being applicable to your practice's target market. 32% of users are ...
Promissory notes are not new to elder law. Whether you have used them in your practice or not, you're most likely familiar with the place they have in crisis Medicaid planning. While more and more states have followed the trend of either treating them as countable resources or divestments, there are a handful of states where a promissory note continues to be a viable Medicaid planning tool. Such may not be the case in Wisconsin much longer.
In February of 2013, Wiscons ...
As those in a profession centralized on the act of providing long-term care planning guidance to families it is imperative to stay current in the viable planning techniques. This ensures that the appropriate tools are available in our toolbox for use in varying fact scenarios. Court rulings are usually the primary indication as to planning viability. As taken from Volume XXIV, Number 8, of The ElderLaw Report, published in March of 2013, I present to you the top elder l ...
As an elder law attorney, you know that it is relatively easy to qualify an institutionalized spouse for Medicaid benefits by converting the excess countable resources into monthly income for the community spouse by way of a Medicaid Compliant Annuity. But what happens when the community spouse needs to qualify for Medicaid benefits as a result of a nursing home stay? The spouse could proceed with a Gifting/Medicaid Compliant Annuity plan (commonly referred to as half-a-loaf ...
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