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      d(4)(A) Trust vs. Third Party Special Needs Trust

      3/25/2009 3:27 PM
      Question: How does a d(4)(A) trust differ from third party special needs trusts? Answer: A d(4)(A) trust is a "self-funded" special needs trust.  The money or property going into the trust belongs to the disabled trust beneficiary.  This is the fundamental difference from a "third-party" special needs trust, which was established with money or property belonging to someone else - likely a parent or grandparent.  Since the d(4)(A) trust was established with funds belonging to the ...
      Comments (0) | Visits (1786)

      Excess Income During a Gifting/Short-Term Medicaid Compliant Annuity Plan

      3/25/2009 3:23 PM
      Question: What needs to happen to the monthly income generated by a Gifting/Short-Term Medicaid Compliant Annuity Plan when the individual unexpectedly goes to the hospital and re-enters the Medicare system for skilled nursing home care?  Assume that the individual has a Medicare supplemental insurance plan. Answer: By the end of the month, a Medicaid applicant/recipient must find a way to spend-down the monthly income.  If the income is not properly spent-down, it converts to a resou ...
      Comments (0) | Visits (1202)

      Financial Product Sales in 2008 - Long-Term Care Insurance - Medicaid

      3/11/2009 3:21 PM
      In 2008, according to a recent poll conducted by the NAIFA's advisorToday.com, annuity sales topped the financial product sales marketplace at 34%.  Next, whole life sales followed at 25%, term life sales at 16%, disability income sales at 14%, universal life sales at 9%, and long-term care insurance sales at 2%.  Did the last statistic surprise you? In an article entitled, "Discussing Life Expectancy," which appeared in the March 2009 edition of NAIFA's advisorToday magazine,  I ...
      Comments (0) | Visits (730)

      Financial Stability of Medicaid Compliant Annuity Companies

      3/8/2009 3:21 PM
      For more than 20 years,  I have been offering Medicaid Compliant Annuity products.  With respect to all of the insurance companies that I have dealt with, my favorite has always been Employees Life Company (Mutual) of Lake Bluff, Illinois.  In my office, we refer to the company as "ELCO." ELCO is is a small life and annuity insurance company that has been servicing the needs of many since 1946. Because it is a mutual company, all profits accumulate for the benefit  and prote ...
      Comments (3) | Visits (2380)

      The 2009 Financial Markets and Community Spouse Cases

      3/7/2009 3:13 PM
      Lately, with a plummeting financial market and shrinking investment portfolios, a new trend has emerged.  Community spouses are reluctant to qualify their institutionalized spouses for Medicaid benefits for the fact that their investment portfolios will need to be liquidated.  Is that so bad?  What if the market recovers?  What if it does not?  Is there enough time for a recovery? In the case of a healthy community spouse, where a substantial amount of the wealth remain ...
      Comments (1) | Visits (661)