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Medicaid Planning
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 ...
Promissory notes are not new to elder law. Whether you have used them in your practice or not, you're most likely familiar with the place they have in crisis Medicaid planning. While more and more states have followed the trend of either treating them as countable resources or divestments, there are a handful of states where a promissory note continues to be a viable Medicaid planning tool. Such may not be the case in Wisconsin much longer.
In February of 2013, Wiscons ...
As those in a profession centralized on the act of providing long-term care planning guidance to families it is imperative to stay current in the viable planning techniques. This ensures that the appropriate tools are available in our toolbox for use in varying fact scenarios. Court rulings are usually the primary indication as to planning viability. As taken from Volume XXIV, Number 8, of The ElderLaw Report, published in March of 2013, I present to you the top elder l ...
As an elder law attorney, you know that it is relatively easy to qualify an institutionalized spouse for Medicaid benefits by converting the excess countable resources into monthly income for the community spouse by way of a Medicaid Compliant Annuity. But what happens when the community spouse needs to qualify for Medicaid benefits as a result of a nursing home stay? The spouse could proceed with a Gifting/Medicaid Compliant Annuity plan (commonly referred to as half-a-loaf ...
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 ...
The insurance industry long ago realized that the needs of consumers were not being met with long-term care policies. Fairly recently, that same industry also realized that their own needs weren't being met with the policies either. In response from demands from all sides, insurance companies have designed what is most commonly referred to as hybrid or linked policies. These policies have been around for years, but have increased in popularity in light of impending heal ...
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 ...
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