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| Articles by Dale Krause |
11. Medicaid Compliant Annuity Payouts: Life Only, Period Certain, or Life and Period Certain
May 30, 2012
When investing in an annuity providing immediate payments an applicant can usually select one of three different payout options:
1. Life-Only Payout: Payments continue as long as the owner/annuitant lives. Upon death, the payments cease, regardless of how long the policy has been in force...
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12. Using a Promissory Note in Medicaid Planning
May 16, 2012
The use of promissory notes in crisis Medicaid planning is becoming increasingly unpopular throughout the nation. In Arkansas, they are treated as trust-like devices, thus determined to be countable resources. The same is found in Colorado, New Jersey, North Carolina, and Oregon. In Ohio, if the ...
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13. What's Next After Long-Term Care Insurance?
May 10, 2012
In the last five years, 10 companies that were once in the top 20 market share in the long-term care insurance industry have bailed, according to Limra, an industry research group. The most recent to leave include Prudential Financial and Metlife. Most insurers have left the industry due to the ch...
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14. Another Victory for Medicaid Compliant Annuity Income Provided to Community Spouses
May 08, 2012
North Dakota is amongst a handful of states that impose the annuity legislation outlined in the Deficit Reduction Act of 2005 ("DRA") as well as their own added annuity requirements. In addition to those of DRA, one of the added annuity requirements imposed by North Dakota is that all monthly payme...
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15. Disallowing Partial Cures: Is It the New Trend?
April 17, 2012
For those that are not familiar with the term, a partial cure exists when a giftee returns a portion of a gift to a Medicaid applicant, thereby reducing any previously applied divestment penalty period accordingly. This technique is primarily popular in reverse half-a-loaf planning. For purposes o...
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16. Medicaid's Treatment of IRA Annuities
April 09, 2012
In most states retirement accounts and retirement annuities are treated differently for Medicaid purposes. A retirement account will traditionally be considered under the retirement asset rules, and applied to eligibility accordingly. A retirement annuity will traditionally be considered under the ...
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17. A Little-Known Community Spouse Medicaid Compliant Annuity Planning Technique
April 02, 2012
The legislation regarding annuities contained within the Deficit Reduction Act of 2005 ("DRA") seems to apply only to the "annuitant who has applied for medical assistance." However, most post-DRA states apply the provisions also to an annuitant that is the spouse of an individual who has applied f...
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18. IRA Distributions - Avoiding the 10% Penalty
March 21, 2012
When a client takes money out of an IRA before reaching age 59 and a half he or she is liable not only for income taxes on the distribution, but also for a 10% penalty - which is based on the withdrawn amount. However, a client can avoid the 10% penalty if he or she meets the requirements of § 72(t)...
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19. Reinsuring the Risk - Medicaid Compliant Annuity or Promissory Note
March 08, 2012
Generally speaking, after the Deficit Reduction Act of 2005, if a community spouse uses a Medicaid Compliant Annuity, or promissory note, to eliminate the spend-down amount an institutionalized spouse is immediately eligible for Medicaid benefits. After the purchase, if the community spouse's incom...
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20. Asset Protection Trust in Veterans Benefits Planning
February 08, 2012
An Asset Protection Trust ("APT") is an Intentionally Defective Grantor Trust. An Intentionally Defective Grantor Trust is a trust that treats the assets in the trust differently for income tax purposes than for estate tax and gift tax purposes. The veteran will be the grantor, but not a beneficia...
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Author: Dale Krause
