|
- May, 2013 (3)
- April, 2013 (3)
- March, 2013 (2)
- February, 2013 (3)
- January, 2013 (3)
- December, 2012 (3)
- November, 2012 (2)
- October, 2012 (5)
- September, 2012 (2)
- August, 2012 (3)
- July, 2012 (4)
- June, 2012 (3)
- May, 2012 (4)
- April, 2012 (2)
- March, 2012 (6)
- February, 2012 (4)
- January, 2012 (3)
- December, 2011 (1)
- November, 2011 (2)
- October, 2011 (2)
- September, 2011 (3)
- August, 2011 (4)
- July, 2011 (1)
- June, 2011 (3)
- May, 2011 (3)
- April, 2011 (3)
- March, 2011 (2)
- February, 2011 (2)
- January, 2011 (3)
- December, 2010 (3)
- November, 2010 (3)
- October, 2010 (2)
- September, 2010 (1)
- August, 2010 (1)
- July, 2010 (3)
- June, 2010 (3)
- May, 2010 (3)
- April, 2010 (2)
- March, 2010 (5)
- February, 2010 (4)
- January, 2010 (6)
- December, 2009 (6)
- November, 2009 (7)
- October, 2009 (6)
- September, 2009 (5)
- August, 2009 (5)
- July, 2009 (6)
- June, 2009 (7)
- May, 2009 (5)
- April, 2009 (2)
- March, 2009 (5)
- February, 2009 (3)
- January, 2009 (4)
- December, 2008 (2)
- October, 2008 (5)
- September, 2008 (5)
- August, 2008 (2)
- July, 2008 (3)
- June, 2008 (1)
- May, 2008 (1)
- April, 2008 (3)
- March, 2008 (5)
- February, 2008 (2)
- January, 2008 (2)
- December, 2007 (1)
- November, 2007 (2)
- October, 2007 (1)
Events Calendar-Satellite
 | May 2013 |  |
|
| 28 | 29 | 30 | 1 | 2 | 3 | 4 |
| 5 | 6 | 7 | 8 | 9 | 10 | 11 |
| 12 | 13 | 14 | 15 | 16 | 17 | 18 |
| 19 | 20 | 21 | 22 | 23 | 24 | 25 |
| 26 | 27 | 28 | 29 | 30 | 31 | 1 |
| 2 | 3 | 4 | 5 | 6 | 7 | 8 |
|
|
|
|
|
Medicaid Compliant Annuities
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 ...
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 ...
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 ...
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 ...
The goal in planning for an institutionalized individual with diminished longevity is to allow the individual to immediately qualify for Medicaid, while reducing the reimbursement claim to the Medicaid program and creating the greatest possible wealth transfer upon death. Please note that this technique is traditionally advised if the nursing home resident is expected to pass within 12 months.
Fact Pattern
Carol, a widow, is 85 years of age and is a permanent resident of a nursin ...
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 ...
I had written a prior post briefly discussing the options available when a client comes into your office with a "bad" annuity. Within that post, I mentioned the three primary options were (1) exchanging the annuity, (2) surrendering the annuity, or (3) selling the annuity on the secondary market. Of course, options vary depending on the type of annuity policy and the insurance company that issued the policy. However, if you're not an insurance agent the options can be c ...
"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 ...
It's common knowledge that American's are living longer and because of it the risk of age-related impairments increases. We know the statistics. We know everyone thinks it won't happen to them. We've heard it all.
I recently read an excellent article entitled "Alternatives to Long-Term Care Insurance," published in the Journal of Financial Services Professionals. The article was on point, and examined the traditional and nontraditional methods of planning for long-term ...
|
