Ask Dale
Several of the most popular inquiries I typically receive in the Ask Dale section of this web site revolves around the community spouse Medicaid Compliant Annuity planning process. When is the right time to make the investment? How much should the community spouse invest? What benefit period should the community spouse opt for?
In that community spouse are typically not required to adhere to as strict income and resource requirements as their institutionalized counterparts, ...
Many of the "Ask Dale" inquiries that I have received throughout the past week have been regarding the requirement of the beneficiary designations on Medicaid Compliant Annuities consisting of tax-qualified investments. At one time it was a federal rule that a state Medicaid agency was not required to be made a remainderman on annuities holding tax-qualified funds; however, this is no longer the case.
Most post-Deficit Reduction Act of 2005 ("DRA") states have dictated their own re ...
Throughout the inquiries that were made this week in the Ask Dale section of the site, I received numerous questions regarding the asset and income limitations for the Veterans Aid & Attendance ("A&A") Program. Assuming the veteran meets the first four A&A requirements - (1) served at least 90 days of active military service, with at least one day occurring during a wartime, (2) received a military discharge other than dishonorable, (3) is permanently and totally disable ...
Within this past week I received several inquiries from the Ask Dale section of this web site. Specifically, one of the inquiries was regarding the parties of an annuity contract. Generally there are four potential parties to an annuity contract; the owner, the annuitant, the beneficiary, and the issuing insurance company. As a general overview, think of the owner as the person who purchases the annuity and the annuitant as the individual whose life will be used in determining ...
When the Deficit Reduction Act of 2005 ("DRA") was signed into law on February 8, 2006, by President Bush, the intent of the legislation was to reign in national spending. Part of the DRA included eligibility criteria for Medicaid benefits. States were required to be in compliance with the provisions of DRA as a pre-condition to receiving federal Medicaid funds. The US Department of Health & Human Services, Centers for Medicare & Medicaid Services ("CMS"), provides gu ...
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 ...
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 ...
As you may have noticed, within the new site there is an Ask Dale section. This section is provided to allow elder law attorneys and individuals a place to obtain answers on the various questions related to Medicaid Compliant Annuities, crisis Medicaid planning, or other related topics.
Within the questions I received throughout this prior week from the Ask Dale section, the most popular was inquiries on the Gifting/Short-Term Medicaid Compliant Annuity planning technique, more com ...
