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Insurance Planning
The income taxation of annuity contracts is governed by Section 72 of the Internal Revenue Code ("IRC"). In the 1980s, as a result of the tax simplification and reform measures, the code section went through extensive revisions. The legislation was intended to encourage the use of tax-deferred annuity contracts as long-term retirement savings vehicles. As such, the legislation altered the manner in which amounts withdrawn from a tax-deferred annuity are taxed, and imposed ...
In a case where an individual is in a nursing home and is in need of Medicaid benefits, when evaluating the countable resources a determination must be made with regard to any existing annuities that may be owned by the individual or the individual's spouse.
Tax-Deferred Annuities
With respect to a tax-deferred annuity, if the annuity contract can not be converted into a Medicaid Compliant Annuity with the present insurance company, and if the tax-deferred annuity has any gain, the best way to ...
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.
Charles, a 64 year old male residing in Green Bay, Wisconsin, is single and owns a Long-Term Care Insurance policy. Charles earns $50,000 per year and owns a tax-qualified Long-Term Care Insurance policy with a $3,700 annual premium. In 2009, Charles will have $2,400 in medical expenses not covered by his health insurance.
If Charles itemizes his deductions, he may deduct his unreimbursed medical expenses, but only to the extent that those expenses exceed 7.5 percent of his adj ...
According to the Philadelphia Business Journal, J.G. Wentworth, a financial services firm specializing in purchasing structured settlements, annuities and life insurance policies, filed for Chapter 11 bankruptcy protection on Tuesday, May 19th, 2009.
J.G. Wentworth has already laid off 120 of its 200 employees and closed its Las Vegas office. The Philadelphia Business Journal reports that the company's remaining operating units will continue to conduct business without interruption ...
In 2008, according to a recent poll conducted by the NAIFA's advisorToday.com, annuity sales topped the financial product sales marketplace at 34%. Next, whole life sales followed at 25%, term life sales at 16%, disability income sales at 14%, universal life sales at 9%, and long-term care insurance sales at 2%. Did the last statistic surprise you?
In an article entitled, "Discussing Life Expectancy," which appeared in the March 2009 edition of NAIFA's advisorToday magazine, I ...
For more than 20 years, I have been offering Medicaid Compliant Annuity products. With respect to all of the insurance companies that I have dealt with, my favorite has always been Employees Life Company (Mutual) of Lake Bluff, Illinois. In my office, we refer to the company as "ELCO."
ELCO is is a small life and annuity insurance company that has been servicing the needs of many since 1946. Because it is a mutual company, all profits accumulate for the benefit and prote ...
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