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Do I Have to Use a Medicaid Compliant Annuity in VA Planning?!

5/31/2011 1:26 PM

Does an annuity utilized in VA planning have to follow the same guidelines as that of an annuity utilized in Medicaid planning (i.e. irrevocable, non-assignable, zero cash value, etc.)? I hear this question quite often, which is completely understandable - the VA does not provide for specific annuity requirements, unlike Medicaid. Notwithstanding the above, the VA program does not require that an immediate annuity contract be compliant with the Deficit Reduction Act of 2005 in order to ...

Medicaid, IRAs and Medicaid Compliant Annuities

5/17/2011 10:49 AM

In many states, an IRA owned by the community spouse is a countable resource for Medicaid purposes. In order to protect the account from a Medicaid spend-down and qualify the institutionalized spouse for Medicaid benefits, the community spouse will be advised to purchase a Medicaid Compliant Annuity. The purpose of the Medicaid Compliant Annuity is to convert a pile of cash (the IRA) into a monthly stream of income. Once annuitized, the community spouse is no longer over-reso ...

Using Balloon-Style Immediate Annuities in VA Planning

5/3/2011 1:51 PM

Balloon-style immediate annuities are becoming more and more popular in VA planning. The purpose in using a balloon-style immediate annuity in lieu of a level-pay immediate annuity is to convert excess net worth into a very minimal monthly cash flow. Whether the excess net worth consists of cash, checking and savings accounts, stocks, bonds, mutual funds, cash value life insurance, or an IRA, it can be converted into a balloon-style immediate annuity. A balloon-style immediate ann ...

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.