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Throughout the inquiries that were made this week in the Ask Dale section, I received an interesting question from an elder law attorney in Texas regarding the use of annuities in VA planning. The Texas attorney asked whether an annuity utilized in VA planning should follow the same guidelines as an annuity utilized in Medicaid planning (i.e. irrevocable, non-assignable, zero cash value, etc.).
The VA Program does not require that an immediate annuity contract be compliant with the Defici ...
Assume for the moment that Alice Smith, a 77 year old retired school teacher, wants to make gifts in a trust for her two children so that they can pay for their children's college educations. Alice would like to gift a total of $100,000, with $33,000 being gifted immediately, and the same amount being gifted in 2010 and 2011. Even though Alice's retirement package includes a comprehensive long-term care insurance policy, Alice wants to make sure that Medicaid's five year look-back fo ...
The Pension Protection Act (PPA) which went into effect on August 17, 2006, included a provision which allows insurance companies to develop tax-deferred annuity products which include a tax-free long-term care rider.
The new product, like old products, still allows an owner/annuitant to invest a single premium amount with any growth on the product not being subject to immediate income taxation. Then, in the event that the owner/annuitant needs long-term care benefits, the product allows ...
After more than 20 years in elder law, I have learned that with the wave of baby boomers approaching retirement, there will be an unprecedented demand for professional long-term care services, including those provided by home healthcare agencies, assisted living facilities and nursing homes. With the increased demand, prices for the services are likely to skyrocket, making them unaffordable to most.
To avoid such a result, long-term care insurance ("LTCi") provides the financial leverage ...
With more elder law attorneys expanding their practices to include Veterans Aid & Attendance planning, many plans will fail because the financial advisor/insurance agent did not understand the applicable Medicaid rules. As a result, inappropriate products are sold to the client and/or his or her family.
Avoid the Medicaid Trap by working with qualified representatives at Krause Financial Services.
I received an interesting question last week last week from the Ask Dale section of the site. The attorney had inquired whether it made sense for his client with only $50,000 to purchase a Medicaid Compliant Annuity.
At Krause Financial Services we handle a multitude of net worths. The smallest Medicaid Compliant Annuity investment we have ever experienced was $703.71, while at the other end of the spectrum we've had investments reaching upwards of $1.1 Million. We have a ...
If any disqualifying transfers were made during the look-back period, a divestment penalty period is imposed. The divestment penalty period is a period of time during which an otherwise eligible Medicaid applicant will nonetheless be ineligible for Medicaid.
The penalty period is intended to correspond to the period of time during which the individual could have paid for institutional care had he or she not transferred assets for less than fair market value. The transfer penalty is ...
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