A Medicaid Compliant Annuity (MCA) can be a helpful tool for clients who reside in a nursing home, but who are unable to afford their care without the help of Medicaid. These annuities, when included as part of a client’s Medicaid crisis plan, can effectively convert the applicant’s excess countable resources into an income … Continued
The Standard, an insurance carrier based in Portland, OR, recently announced it will be retiring its short-term fee-based Restricted Single Premium Immediate Annuity product as of May 15, 2023. This means the carrier will no longer be offering Medicaid Compliant Annuities (MCAs) with terms of 47 months or less. If you were using … Continued
There’s a new annuity capturing the attention of elder law and estate planning attorneys—the QLAC. A QLAC, or a Qualified Longevity Annuity Contract, isn’t actually a new product; however, interest in the annuity has surged in recent months due to the passing of the SECURE Act 2.0. This legislation modified the requirements of a QLAC, … Continued
Although many seniors have been financially planning for their retirement for decades, very few are prepared for the high costs associated with long-term care. While Medicaid crisis planning can offer a solution to those individuals who find themselves in a financial crisis, this scenario can be avoided altogether with a bit of pre-planning. Pre-Planning: … Continued
Choosing an appropriate term for your client’s Medicaid Compliant Annuity (MCA) hinges on several factors, including the client’s marital status, their health, or the type of account they need to spend down. By reviewing the components of each Medicaid spend-down strategy, attorneys and their clients can better understand what to consider when choosing an … Continued
In a recent case out of Massachusetts, the state Supreme Judicial Court (SJC) heard oral arguments surrounding the application of 42 U.S.C. 1396p(c)(2)(B)(i), also known as the “sole benefit provision” and 42 U.S.C 1396p(c)(F)(i), the “beneficiary naming provision,” related to annuities. The argument focused on whether the Commonwealth must be named the primary beneficiary … Continued
When completing a Medicaid spend-down, one asset that may cause hesitation is how best to spend down the client’s IRA without incurring large tax consequences. In states where an IRA is considered a countable asset for Medicaid purposes, the solution may be converting the existing IRA to a tax-qualified MCA. Learn More: What … Continued
Attorney Access has become an invaluable Medicaid planning resource for many attorneys and legal professionals in the elder care planning space. As more seniors find themselves in a crisis Medicaid planning scenario, more elder law attorneys have relied on the information and resources provided through their Attorney Access account. That’s why it has become … Continued
Adding elder law to your practice doesn’t have to be hard or confusing. If you already practice in the areas of estate planning and/or family law, elder law is an easy extension. Elder law primarily focuses on the needs of elderly clients and is sometimes wrongly associated as a practice area that only helps … Continued
When it comes to paying for long-term care, there are typically three primary payment sources. The applicant must either pay for their care out-of-pocket, obtain Long-Term Care Insurance (LTCI), or apply for Medicaid. Many clients who purchase LTCI often wonder what they can do to prevent a crisis scenario if they exhaust their policy … Continued