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      Where have all the Long-Term Medicaid Compliant Annuities Gone?

      4/25/2008 1:15 PM
      With the passing of the Deficit Reduction Act of 2005 (“DRA”), in order for an annuity to be considered “Medicaid Compliant”, the annuity must be irrevocable, non-assignable, actuarially sound, provide for equal payments, and name the State as the primary beneficiary to the extent of Medicaid benefits provided to the institutionalized individual. In the case of an individual, I have found that a Stand Alone Medicaid Compliant Annuity (“MCA”) may not offer an economic advantage to the individual ...
      Comments (0) | Visits (671)

      Highlights of the Deficit Reduction Act of 2005

      4/16/2008 10:57 AM
      The Deficit Reduction Act of 2005 (“DRA”) was signed into law on February 8, 2006.  It is important to note that all transactions prior to February 8, 2006, will be grandfathered and processed under the old laws.  It is my opinion that the most significant part of DRA relates to gifting.  In light of DRA, and the limitations imposed by it, it is now more important than ever that individuals consider purchasing Long-Term Care (“LTC”) Insurance as a means to protect all of their ass ...
      Comments (0) | Visits (785)

      Can Your Clients Afford to Self Insure Their Long-Term Care Costs?

      4/8/2008 10:45 AM
      As a result of the Deficit Reduction Act of 2005, with the average nursing home charging $6,000.00 per month for nursing care, all gifts being subject to a 5 year look-back period and a delayed penalty fuse, and with half-a-loaf gifting plans consuming approximately 50% of a client's spend-down amount, your clients cannot afford to self insure their long-term care costs. What should your clients do?  If your clients can afford to purchase traditional long-term care coverage, and they are h ...
      Comments (0) | Visits (981)