What Makes an Annuity Medicaid Compliant – Part 3
In last week’s post, I explained how a Medicaid compliant annuity (MCA)works in a married couple situation. This week we’ll see how it can be helpful in the case of a single Medicaid applicant. An MCA can be useful in preserving some assets when there is no chance of waiting out a
What Makes an Annuity Medicaid Compliant? (Part 2)
In last week’s post I explained what makes an annuity a Medicaid compliant annuity (MCA). This week I’ll explain how MCAs are helpful in qualifying for Medicaid. If you are a frequent reader of this blog you know that Medicaid is a needs based benefit with an asset limitation and also income
What Makes an Annuity Medicaid Compliant?
We have recently received a number of calls inquiring about Medicaid compliant annuities. Similar to QITs which I wrote about here a couple of months ago, there is much misunderstanding of what is and is not a Medicaid compliant annuity (MCA) and when it can be used. First, let’s clearly define an
Don’t Forget About the Elective Share – Part 2
Last week I wrote about Jim’s call to our office. His dad died leaving everything to Jim, including the task of taking care of his mom who had been living at home needing nursing home level care. Jim had found a nursing facility who would take her in. It would cost him $100,000
Don’t Forget About the Elective Share
Jim’s dad had recently died leaving him to care for his mom. His dad knew that Jim would need to place his mom in a facility. She could not longer be cared for at home. He wanted to provide for that care but he also wanted to leave Jim an inheritance. Dad went to an
Divorce and Medicaid – Part 3
In last week’s second part of my post, I laid out some basic strategies for couples who, while still legally married and living together, view themselves as separated or divorced. Unfortunately in the eyes of Medicaid you aren’t divorced unless you’ve got the Judgment of Divorce to prove it. When I tell
Divorce and Medicaid – Part 2
Last week I wrote about the recent calls we’ve received regarding couples in unhappy marriages where one spouse now needs care. Even though they may have kept their finances separate for many years, under Medicaid rules the healthy spouse’s assets will be counted as well as the ill spouse’s assets when
Divorce and Medicaid – Part 1
Divorce rates in America have steadily risen for years and much has been written about it. There are, however, many more couples in unhappy marriages who for varied reasons did not go the divorce route. For some, it may have been about being more comfortable with the life they know vs. the
VA Benefits and QITs – Part 1
We have many clients who first qualify for the VA Aid and Attendance benefit to help pay for their long term care and then when their remaining assets are spent down, they must apply for Medicaid. As I have written about previously, Medicaid has a strict income cap ($2349 in 2020). If
Funeral Expenses and Medicaid – Part 2
Funeral Expenses and Medicaid (Part 2) This week’s post details the more common option when it comes to setting aside funds for a funeral before spending down towards Medicaid eligibility. Last week I explained that $1500 can be set aside for burial as long as it is specifically designated and not commingled