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Ask Dale
It's quite common for a family to bring in documentation for a handful of old life insurance policies during your planning meetings. However, if the face valued of a policy is greater than $1,500 (in most states) the cash value will be considered available. Alternatively, if the face value of a policy is less than $1,500, the cash value is considered exempt. Most have policies with face values exceeding $1,500. So where do you start?
One option is to simply cash ...
Recently I've seen quite a bit of confusion on various elder law listservs relating to annuity policies and the provisions they entail. Specifically, the confusion has been surrounding the differences between revocable and irrevocable annuities. We know the definitions of revocable and irrevocable; so, how do these terms apply to annuities and their use in Medicaid planning?
Several state Medicaid agencies have provided instruction within their policy manuals to assist casew ...
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 ...
You're not alone. If you're not an insurance agent annuities can be confusing. I'm frequently asked questions regarding the difference of annuities, and how the difference kinds are treated for eligibility purposes. What purpose do they really serve? What kind is appropriate? How do you tell the difference between all the types?
Why Use an Annuity?
The primary reason for using an annuity is to convert excess assets into an income stream. Thus, the p ...
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 ...
"Then what's the point of using a Medicaid Compliant Annuity?" I hear this quite often, in both working with newer elder law attorneys and families of the elderly. With the state Medicaid agency required to be a beneficiary, then doesn't it make the purchase moot?
Not necessarily. Consider these three common planning scenarios:
1: Individual Gifting Scenario.
An individual makes a gift and purchases a Medicaid Compliant Annuity. The Medicaid Compliant Annuity is stru ...
Most of you are aware of the new VA Annuity available. For those that aren't, it's essentially a traditional immediate annuity - revocable and assignable, but still offering zero cash value. By remaining revocable and assignable it provides flexibility for the unknown, and leaves the door open to multiple planning options. The special part about it is at any time the insured can "flip a switch" and make it Medicaid compliant.
I've been receiving many inquiries through the As ...
1. Dale Krause was essentially the creator of the Medicaid Compliant Annuity.
Once upon a time in a land far, far away, Dale Krause worked with insurance companies to create the product he needed. After months and months of hard work, and the Deficit Reduction Act of 2005 ("DRA") looming on the horizon, the first Medicaid Compliant Annuity was born.
2. A Medicaid Compliant Annuity can be level-pay or balloon-style, and we can tell you which is appropriate for your state and ...
In some states an IRA is an exempt resource for the community spouse, or even both the community spouse and his or her institutionalized counterpart. For the states where the IRA is a countable resource, where does that leave it in your crisis Medicaid plan?
An IRA can easily be converted into a tax-qualified Medicaid Compliant Annuity. About one in five elder law attorneys I make this recommendation to say "I had no idea you could do that!!" Most had previously instructed their ...
How to include financial advisors in the planning process is a topic I frequently see discussed on various elder law listservs. The problem at hand is that many elder law attorneys have, or seek to have, referral relationships with local financial advisors for lead generating purposes; however, the financial advisors typically know only enough about Medicaid and Veterans Benefits planning to be dangerous. The premise behind a referral relationship is that the financial advisor will ...
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