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The Deficit Reduction Act
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 ...
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 ...
1. Dale Krause was essentially the creator of the Medicaid Compliant Annuity.
Once upon a time in a land far, far away, Dale Krause worked with insurance companies to create the product he needed. After months and months of hard work, and the Deficit Reduction Act of 2005 ("DRA") looming on the horizon, the first Medicaid Compliant Annuity was born.
2. A Medicaid Compliant Annuity can be level-pay or balloon-style, and we can tell you which is appropriate for your state and ...
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 ...
The California Department of Health Care Services ("DHCS") recently released drafts of the proposed Deficit Reduction Act of 2005 ("DRA") asset eligibility regulation package, including the proposed treatment of annuities under the new legislation.
DRA is not an unfamiliar term in the elder law field. We've all seen it; we're all familiar with the legislation it entails. However, it's always interesting to see how a new state interprets and applies the federal legislation. M ...
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 ...
On March 26, 2008, Leroy and Glenda Morris requested that a resource assessment be conducted for Medicaid eligibility purposes. The Morrises' countable resources were found to be $107,812. After dividing that figure in half, Mr. Morris' community spouse resource allowance ("CSRA") was determined to be $53,906, leaving a spend-down amount of $51,906 after Mrs. Morris' individual resource allowance of $2,000 was retained. As such, Mrs. Morris did not qualify for Medicaid at tha ...
The primary advantage of purchasing a partnership long-term care insurance ("LTCI") policy is that if the insured exhausts all of his or her available coverage, he or she can apply for Medicaid benefits and exclude countable resources equal to the amount paid for care by the LTCI coverage. However, some changes are being made specifically in New York to modernize the partnership LTCI program, to-wit:
A plan option is expected to be made available offering two years of nursing home ...
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