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      Can a Tax-Deferred Annuity be Converted into a Medicaid Compliant Annuity?

      4/26/2011 7:16 AM
      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" to the desired carrier by way of a 1035 exchange. A 1035 exchange refers to the section of tax code that allows investors the flexibility to exchange one annuity for another without incurring any immediate tax liabilities.  Generally, the surrender of an existing insurance contract is a ...
      Comments (3) | Visits (1651)

      Annuity Planning - VA and Medicaid Benefits

      4/21/2011 2:25 PM
      When a client qualifies for VA and/or Medicaid benefits, an annuity typically becomes part of the planning strategy.  So what is an annuity? Annuities generally come in two forms, either a tax-deferred annuity ("TDA") or a single premium immediate annuity ("SPIA").  A TDA is purchased from an insurance company through an insurance agent, and is designed to pay a guaranteed rate of interest for a set number of years.  The TDA remains as a pile of cash, and continues to grow tax ...
      Comments (0) | Visits (1495)

      Designating the State Medicaid Agency as a Beneficiary

      4/14/2011 3:00 PM
      The majority of elder law attorneys are very familiar with the Deficit Reduction Act of 2005 ("DRA"); however, I have found that much confusion still surrounds the requirements regarding designating the state Medicaid agency as a beneficiary of a Medicaid Compliant Annuity. While Krause Financial Services rarely experiences an annuitant predeceasing the term of his or her Medicaid Compliant Annuity, in the rare occurrence of a premature death, if the designation is not correct the result ...
      Comments (0) | Visits (4818)