Do you have clients who are considering a reverse mortgage? If so, it’s important for you to understand how reverse mortgages can impact Medicaid eligibility so you can advise them accordingly. Let’s explore this estate planning product and discuss some options for using reverse mortgages while still qualifying for benefits. What is a Reverse … Continued
When spending down for Medicaid eligibility, retirement accounts can pose a problem. Although IRAs are exempt in some states, they are considered countable assets in other states. In Texas, IRAs were previously considered countable, unless the account was in an annuity, but are now exempt as long as the account owner is taking their … Continued
As you navigate long-term care planning with your senior clients, you have some important decisions to make. And one of those decisions is choosing a trustworthy partner to support you with products, services, and education designed to guide you through the long-term care planning process. In order to help you make an informed decision, … Continued
Do you have a client who has made an ineligible transfer, or divestment, during the last five years but is looking to qualify for Medicaid benefits? If so, it’s important for you to understand when the penalty period starts as well as what makes your client “otherwise eligible” for benefits. What’s Considered a Divestment? … Continued
When Medicaid planning, it can be difficult to develop a clear-cut plan that works for your client’s specific situation. Fortunately, we provide multiple different strategies and solutions designed for unique cases, even those involving the spend-down of trouble assets, such as an IRA. One of these strategies involves the “Name on the Check Rule,” … Continued
In order to be eligible for Medicaid, individuals must meet certain financial and health criteria. As a part of the financial requirements, Medicaid applicants must be below a certain asset limit. Many may be tempted to gift away assets in order to fall below the limit but doing so may result in a penalty … Continued
Do you have clients that are planning for long-term care? If so, you’ve probably received countless inquiries about the terms and programs involved, which can be incredibly puzzling for many individuals. Medicare and Medicaid are two programs that are often confused for one another, and the two terms are consistently misused and misunderstood. In … Continued
“Name on the Check Rule” The “Name on the Check Rule” is a guideline used by Medicaid to determine who owns income. If a check is made payable to one individual, that same individual will be considered the sole owner of that income. When planning with Medicaid Compliant Annuities (MCAs), this guideline is used to … Continued
Many people may misinterpret the Gift Tax Exclusion and assume, incorrectly, that the amount they gift to a loved one will not have any effect on their Medicaid eligibility. As you are planning with your client, you will want to make it clear that even if they are within the Gift Tax Exclusion, that they … Continued
A number of attorneys have asked if they can be both an attorney as well as an insurance agent for their clients. In many ways, this would be a helpful asset because you can help your client plan for the future and can also sell them products that would be best for their situation. … Continued