In order to gain a better understanding of the Medicaid program itself, it is helpful to first realize how Medicaid has transformed over the years into the program it has become today. To do so, we will examine the early years of the Medicaid program exploring how this long-term care health plan was implemented … Continued
When it comes to choosing between a Promissory Note or a Medicaid Compliant Annuity (MCA), there are many factors to consider when determining which spend-down strategy will best serve your client. Both tools must adhere to the specific conditions as set forth in the DRA of 2005 and, when structured and administered properly, both … Continued
When applying for Medicaid, most clients aren’t surprised to hear that they will need to comply with certain asset limitations in order to qualify for benefits. However, what some clients may not realize is that there are also limitations surrounding the Medicaid applicant’s income as well, which may require the implementation of a Qualified … Continued
It is always helpful to have a “cheat sheet” on hand to quickly reference your state’s Medicaid planning figures when advising a new client or preparing a new case. However, while some figures you may use quite frequently, others may be referenced less often. As such, it is important to understand the meaning behind … Continued
A recent decision handed down from the New Jersey Supreme Court states that the institutionalized spouse maintains an interest in previously gifted property that has been returned only to the name of the community spouse. Breaking Down the Case Facts In a case out of Monmouth County, a married institutionalized applicant was denied Medicaid … Continued
When you have a senior client seeking Medicaid benefits, existing annuities can pose a problem. Certain annuities may be deemed a countable asset, while others may count as a divestment. In some cases, your client’s annuity may be sold on the secondary market, and they can use the resulting funds to purchase a Medicaid … Continued
As CEO of a wealth management firm and author of the book, “The Medicaid Roadmap,” many of my trusted referral sources are elder law and estate planning attorneys. One of the biggest frustrations attorneys report to me is how much time they spend qualifying whether a prospective client is a fit for their practice … Continued
In a recent case out of Massachusetts, a trial court held that MassHealth must be named the primary beneficiary on annuities purchased by the community spouse of a Medicaid applicant. Prior to this decision, practitioners relied on the Dermody decision to avoid naming the state as a beneficiary on Medicaid Compliant Annuities in Massachusetts … Continued
In a recent case out of Ohio, a Medicaid applicant was denied benefits because she owned two pieces of land valued over her resource limit. Despite being unable to sell the property, an Ohio appeals court affirmed the ruling. Let’s delve into Cowan v. Ohio Dept. Jobs & Family Servs. Read More: The … Continued
While many individuals may outlive their Medicaid Compliant Annuity (MCA) term, some may pass away before the contract term ends. So, what happens then? Well, it depends on a few important factors, including who owns the annuity, who is listed as the primary beneficiary, and what state you’re in. If you have a client … Continued