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      Transferring an IRA Directly into a Grantor Trust

      12/30/2009 8:10 AM
      If an individual transferred his or her IRA directly into an irrevocable grantor income only trust, and waited for 60 months to pass, the individual could apply and be eligible for Medicaid benefits without any of the trust corpus being subject to a Medicaid spend-down.  Of course, with the individual being entitled to receive all of the income distributions from the trust, as may be required by the minimum distributions regulations of the Internal Revenue Code ("IRC"), the individual wou ...
      Comments (3) | Visits (1341)

      The Federal Income Tax Consequences of Funding a Caregiver Agreement with an Immediate Annuity

      12/28/2009 3:45 PM
      Whenever a caregiver agreement is utilized in a Florida Medicaid or VA Planning case, there are always questions regarding income taxes.  When, and to what extent, does the care recipient get to deduct the payment or payments?  When, and to what extent, does the caregiver child have to recognize taxable compensation or income? Section 61(a) of the Internal Revenue Code ("IRC") defines "gross income" as compensation for services...  Thus, it is clear that when a caregiver child ...
      Comments (5) | Visits (1790)

      Dental Care and Medicaid

      12/24/2009 9:31 AM
      It is a well known fact that most seniors who are receiving Medicaid benefits do not receive the best dental care, and many receive none at all.  But did you know that poor dental care can lead to heart disease, and other health conditions, resulting in an untimely death? According to my dentist, a person's mouth has almost 700 different types of bacteria living in it.  Some of the bacteria are good, but some are bad.  The combination of bacteria helps in breaking down food par ...
      Comments (2) | Visits (532)

      Re-insuring a Promissory Note in a Post-DRA Environment

      12/17/2009 2:01 PM
      In a typical Medicaid case involving a promissory note, the facts are clear.  The Medicaid applicant transfers an asset to a family member, in exchange for a promissory note.  In order for the promissory note to qualify as a viable Medicaid planning tool - which is intended to reduce or eliminate a spend-down amount, it must meet the requirements outlined in the Deficit Reduction Act (the "DRA"). The DRA states that if a promissory note is to be treated as a fully compensated transf ...
      Comments (0) | Visits (1229)

      Designing the Perfect Community Spouse Medicaid Compliant Annuity

      12/8/2009 3:46 PM
      As a result of the Deficit Reduction Act of 2005 ("DRA") a community spouse can easily qualify an institutionalized spouse for Medicaid benefits by utilizing a Medicaid Compliant Annuity ("MCA").  The purpose of the MCA is to eliminate excess countable resources - the spend-down amount.  In designing the MCA, the only issue facing the community spouse is for how long he or she should schedule the monthly payments - the income stream.  Why is that an issue? Under DRA, in order f ...
      Comments (4) | Visits (1431)