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Structuring a Medicaid Compliant Annuity Beneficiary

04/15/2014 12:14 PM

Quite a bit of confusion surrounds the proper structure of a Medicaid Compliant Annuity beneficiary designation. By the end of this five-minute video you’ll understand the do’s, don’ts, and exceptions that may exist. Click here for a printer-friendly version. Do you have suggestions for other how-to videos concerning Medicaid and Veteran’s Benefits planning?  Leave a...

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State’s Delay to Act Results in Approval of Transfer to Pooled Trust

04/11/2014 10:39 AM

In the recent case of Smelser v. Department of Human Services (Mich. Ct. App., No. 312802, Feb. 27, 2014), a Michigan appeals court ruled in favor of a Medicaid applicant’s funding of a pooled trust even though she was over age 65 when the transfer occurred. Doris Smelser’s conservator transferred approximately $60,000 into a pooled trust,...

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Preplanning: If Not Long-Term Care Insurance, Then What?

04/02/2014 1:04 PM

As elder care advocates, we are all too familiar with how quickly an individual’s life savings can be depleted by long-term care costs.  When most people think of preplanning, the first item that comes to mind is long-term care insurance, which we all know has its pros and cons.  We know the statistics.  The odds...

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A Rare Victory: New Jersey Approves a Medicaid Annuity

03/17/2014 11:39 AM

Using Medicaid Compliant Annuities in New Jersey Medicaid planning used to be somewhat of a struggle, and very county-by-county.   Over the years it’s gotten better; however, in some counties it can still be a trying process.  The case of M.W. v. Division of Medical Assistance and Health Services (N.J. OAL Docket No. 2998-2013, Jan....

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The History of Medicaid Reform and Immediate Annuities: Part Two

03/06/2014 9:41 AM

In 1985 Congress enacted the Consolidated Omnibus Budget Reconciliation Act – COBRA ’85.  The ’85 Act put an end to “Medicaid qualifying trusts.”  Medicaid qualifying trusts were irrevocable trusts established with the applicant or the applicant’s spouse as the beneficiary of all or part of the payments from the trust, as determined by the absolute...

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How will the Affordable Care Act’s MAGI Rules Impact your Medicaid Practice?

02/28/2014 5:02 PM

On February 21, 2014, the Centers for Medicare & Medicaid Services (“CMS”) published a seven-page letter (SMDL #14-001 ACA #29) providing guidance on how to apply the estate recovery and transfer rules to those individuals eligible for Medicaid under the Affordable Care Act (“ACA”).  This new Medicaid program’s eligibility is not based on resources or...

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The History of Medicaid Reform and Immediate Annuities: Part One

02/26/2014 11:04 AM

1965 was a historical year for elderly Americans.  Congress established Medicare and Medicaid as a result of high healthcare costs associated to severe illnesses and long-term nursing home care. Medicare was established in response to specific short-term health needs of the elderly.  Medicaid was primarily established in response to the inadequacy of healthcare for mothers...

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Koenig v. Colbert: Ohio Community Spouse Annuity Win

02/19/2014 10:55 AM

A Final Administrative Appeal Decision of the Ohio Department of Job and Family Services (“ODJFS”) has provided that a Medicaid Compliant Annuity purchased by a community spouse after institutionalization is not a transfer of resources, and not subject to a divestment penalty period. Mr. Koenig entered a nursing home in March of 2011.  He and...

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BoBrow v. Commissioner: New Rules for IRA Rollovers

02/14/2014 2:27 PM

When purchasing a Medicaid Compliant Annuity with tax-qualified funds (e.g. an IRA), an applicant has two options: (1) a direct IRA transfer or (2) a 60-day IRA rollover. The direct transfer consists of a plan-administrator to plan-administrator transfer.  The applicant fills out an authorization form for the transfer, and the insurance company issuing the Medicaid...

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2014 Veterans Pension Rates Officially Released

02/06/2014 10:41 PM

After much anticipation and speculation, I’m pleased to announce that the Department of Veterans Affairs has finally released the official 2014 pension rates, effective December 1, 2013. Download the new rate flyer for your office. Afterwards, take a moment to refresh your memory on the VA Annuity.  This product provides for unparalleled flexibility in VA...

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