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Court Decisions
In the matter of Cook v. Bottesch (Ga. Ct. App., Nos. A13A0006, A12A2268, A12A2269, A12A2506, March 26, 2013) a Georgia court of appeals held that an annuity purchased by an applicant for Medicaid did not need to designate the state Medicaid agency as a remainder beneficiary, and that the requirement only applied to spouses of applicants.
The court held that a plain reading of federal law "shows that annuities benefitting community spouses must name the [s]tate as a remainder beneficiar ...
As those in a profession centralized on the act of providing long-term care planning guidance to families it is imperative to stay current in the viable planning techniques. This ensures that the appropriate tools are available in our toolbox for use in varying fact scenarios. Court rulings are usually the primary indication as to planning viability. As taken from Volume XXIV, Number 8, of The ElderLaw Report, published in March of 2013, I present to you the top elder l ...
In May of 2008 Mr. Jackson entered an Arkansas nursing home while his wife, Mrs. Jackson, continued to reside in the community. In February of 2009 Mr. Jackson purchased two single premium immediate annuities. One of the annuities was an IRA annuity, and provided monthly payments to Mrs. Jackson under the "name on the check" rule. Both annuity purchases complied with the Deficit Reduction Act of 2005 ("DRA").
The subsequent application for Medicaid resulted in a determ ...
As Veterans Benefits planning increased in popularity, so did the use of insurance products in the planning marketplace. On the rare occasion one would see an immediate annuity incorrectly classified as a portion of a veteran's net worth. It was usually determined to be just a case of a misinformed processor and cleared up rather quickly through providing documentation and requesting a reconsideration. However, in the recent months this rare occurrence has increased to ...
With 2012 coming to a close, now is a perfect time to reflect on all that's happened throughout the past year. I thought I'd start by looking through my blog posts of 2012, many of which signified major events in the industry. I've rounded up the top ten blog posts of 2012 below, based on the views they've generated.
1. The End of the J.G. Wentworth Battle
Written January 18, 2012, this blog post ended up being among the most popular I've ever written, generating over 1,500 ...
John Lopes was married, residing in a nursing home, and in need of assistance. Amelia Lopes, John's spouse residing in the community, purchased a Medicaid Compliant Annuity, and shortly thereafter made a Medicaid application on behalf of her husband. The Connecticut Department of Social Services denied the application after determining that the payment stream Amelia was receiving was a resource that rendered John ineligible for Medicaid.
The matter progressed to the United States ...
On March 26, 2008, Leroy and Glenda Morris requested that a resource assessment be conducted for Medicaid eligibility purposes. The Morrises' countable resources were found to be $107,812. After dividing that figure in half, Mr. Morris' community spouse resource allowance ("CSRA") was determined to be $53,906, leaving a spend-down amount of $51,906 after Mrs. Morris' individual resource allowance of $2,000 was retained. As such, Mrs. Morris did not qualify for Medicaid at tha ...
In the recent case of The Florida Bar v. Doherty, a Florida elder law attorney was disbarred by the Florida Supreme Court for attempting to sell an annuity to an elderly client without notifying the client in writing about the commission generated by the transaction. The case is another example of the dangers inherent with attorneys providing financial planning services to their clients.
In July and August of 2006, the attorney assisted his elderly, widowed client in the purchase of an ...
North Dakota is amongst a handful of states that impose the annuity legislation outlined in the Deficit Reduction Act of 2005 ("DRA") as well as their own added annuity requirements. In addition to those of DRA, one of the added annuity requirements imposed by North Dakota is that all monthly payments from all annuities owned by the purchaser must not exceed the minimum monthly maintenance needs allowance for a community spouse, and that total combined income from all sources of the annu ...
For those that are not familiar with the term, a partial cure exists when a giftee returns a portion of a gift to a Medicaid applicant, thereby reducing any previously applied divestment penalty period accordingly. This technique is primarily popular in reverse half-a-loaf planning. For purposes of an example, Martha will illustrate the use of a partial cure.
Martha resides in a nursing home, and is seeking Medicaid eligibility. She gifts her entire spend-down amount to her ...
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