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Missouri Community Spouse Annuities - Favorable Decision

4/21/2010 9:58 AM

I recently reviewed a Missouri Circuit Court of Appeals decision involving four community spouse and their purchases of post-Deficit Reduction Act of 2005 Medicaid Compliant Annuities as a means of spending down for Missouri's Medicaid program, MO HealthNet. The decision in the matter of J.P. et al v. Missouri State Family Support Division is dated April 20th, 2010. The Missouri case revolved around Missouri legislature that was adopted in July 2007. Prior to the 2007 amendme ...

Individual Retirement Accounts in VA Planning

4/8/2010 3:32 PM

Contrary to a handful of states' Medicaid rules, which consider a Medicaid applicant's and/or the community spouse's Individual Retirement Account ("IRA") strictly as income if he or she is receiving the Required Minimum Distribution ("RMD"), the Veterans Administration ("VA") considers an IRA to be a countable resource and the RMD to be countable income. In order to meet the asset and income limitations of the VA, exchanging the IRA for a tax-qualified immediate annuity will conver ...

Disclaimer: Krause Financial Services is incorporated in the State of Wisconsin. Dale M. Krause, and Krause Financial Service, Inc., by means of this web site, is not offering legal advice. With respect to the material contained in this web site, some of the material may be affected by current and future changes in law. For those reasons, the accuracy and completeness of such information, and the opinions of its author, are not guaranteed. In addition, because of the complexity and interrelationship of various areas of law which are presented in this web site, from which there may be certain exceptions or limitations, the strategies and plans outlined in this web site may not be suited for every individual, in every state. As such, it is strongly suggested that before employing any one, or more, of the techniques, strategies, expositions of any law, the reader should secure the services of a competent elder law attorney in their respective state.