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      A Little-Known Community Spouse Medicaid Compliant Annuity Planning Technique

      3/29/2012 1:43 PM
      The legislation regarding annuities contained within the Deficit Reduction Act of 20051 ("DRA") seems to apply only to the "annuitant who has applied for medical assistance."  However, most post-DRA states apply the provisions also to an annuitant that is the spouse of an individual who has applied for medical assistance.  Notwithstanding the above, a handful of post-DRA states do not requires an annuity purchased by a community spouse to be irrevocable, non-assignable, actuarially ...
      Comments (1) | Visits (1360)

      IRA Rollovers by Non-Spouses - Pitfalls

      3/21/2012 1:00 PM
      Section 402(c)(11) of the Internal Revenue Code ("IRC") permits a non-spousal beneficiary to inherit a retirement asset and to receive required minimum distributions ("RMDs") based on the Internal Revenue Services' single life table.  For instance, a 58-year-old beneficiary will take his or her distributions based on a life expectancy of 27 years. To take advantage of the opportunity, the new account must be established by a direct trustee-to-trustee transaction.  The non-spousal be ...
      Comments (0) | Visits (794)

      Qualified Balloon Annuities: How do I Use Them in VA Planning?

      3/20/2012 1:30 PM
      The Facts. Marshall, a Korean War veteran, is 88 years of age and lives in Georgia.  After years of struggling with Parkinson's disease and losing his wife in late 2008 Marshall realizes he can no longer live independently.  His Parkinson's disease has restricted his movements making it impossible for him to adequately bathe, dress, or drive himself.  In order to meet all his activities of daily living ("ADLs") Marshall requires the daily assistance of another person.  Aft ...
      Comments (0) | Visits (1195)

      IRA Distributions - Avoiding the 10% Penalty

      3/14/2012 6:43 AM
        When a client takes money out of an IRA before reaching age 59 and a half he or she is liable not only for income taxes on the distribution, but also for a 10% penalty - which is based on the withdrawn amount.  However, a client can avoid the 10% penalty if he or she meets the requirements of § 72(t) of the Internal Revenue Code ("IRC").  Specifically, the client must structure the withdrawals as to take "substantially equal periodic payments" ("SEPP") at least annually, and fo ...
      Comments (0) | Visits (1938)

      Reinsuring the Risk - Medicaid Compliant Annuity or Promissory Note

      3/6/2012 6:08 PM
      Generally speaking, after the Deficit Reduction Act of 2005, if a community spouse uses a Medicaid Compliant Annuity, or promissory note, to eliminate the spend-down amount an institutionalized spouse is immediately eligible for Medicaid benefits.  After the purchase, if the community spouse's income is less than his or her monthly maintenance needs allowance the shortfall would be shifted from his or her institutionalized spouse's income prior to determining the Medicaid co-pay.  Th ...
      Comments (0) | Visits (1584)