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Medicaid Compliant Products
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 ...
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 ...
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 ...
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 ...
With annuities being one of the most popular investment vehicles available, it shouldn't be a surprise when a client drops off a mountain of financial documentation and you happen to find an annuity policy or two. Whether the annuity is acceptable for Medicaid planning purposes will first depend on (1) the type of annuity it is and (2) when it was purchased.
A tax-deferred annuity is almost always a "bad" annuity for Medicaid planning purposes. The investment can usually be access ...
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 ...
Annuities are investment vehicles that have been around for ages. Most people have at the very least a basic understanding of what annuities are. However, due to the detailed nature of Medicaid Compliant Annuities it can be a difficult concept to grasp, especially for the family members involved in the Medicaid planning process. To assist in breaking down the confusion some elder law attorneys have taken to writing blog posts on the matter. I've rounded up the top ten b ...
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 ...
One of the largest obstacles in Veterans Benefits planning can be taking future Medicaid benefits into consideration - planning for the unknown. When using annuities, many attorneys use a Medicaid Compliant Annuity simply to ensure that the product will not impede a future Medicaid application. However, this is not a requirement in Veterans Benefits planning, and can unnecessarily limit the insured's financial flexibility and planning options.
That's why I couldn't be more excited ...
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