Hidden Dangers of Medicaid Qualifying Annuities

Today, many elder law attorneys rely on Medicaid qualifying annuities to get their clients qualified to receive Medicaid benefits. They're also used when clients seek VA pension benefits.

While Medicaid qualifying annuities have become the default solution, they are not without risk. One challenge is that MQA's do not work well for single individuals. Second, even when used in married planning, there is no assurance the amount placed in the Medicaid qualifying annuity will actually be preserved. In fact, it could all be lost with the subsequent disability or death of the community spouse.

These are just some of the issues (not to mention the Veterans Administration's changing position on annuities when applying for veteran pension benefits) that we will be discussing at the Asset Protection, Medicaid and VA Practice With Purpose Program October 20-22^nd  in Phoenix, AZ.

National Asset Protection, Medicaid and VA experts and dozens of attorneys like you will be collaborating to identify the hidden risks in the different Medicaid and veterans' benefits strategies. This program promises to be the hands-on strategic solving many lawyers crave in their practice. Click here to get a full outline and to register for the program.

In these three days here is just some of what we will cover:

ASSET PROTECTION:

• Recent updates to asset protection and Medicaid compliant strategies.
• The new asset protection strategies dominating the marketplace.
• The death of DAPT'S, FLP'S, GRATS, GRUTS, and tax planning, and what's replaced them.
• The five essential trusts and key drafting needs to serve 99.7% of clients.
• The Power of Powers of Appointment, in the right places.
• Four "must have" drafting considerations and three "most forgotten" powers in trust.

MEDICAID:

• Four steps to Medicaid eligibility for any client.
• How to calculate the "breakeven" to ensure the proper filing date for the shortest penalty period.
• Medicaid Qualifying Annuities: Hidden risks and how to properly disclose them to clients or protect from them.
• The seven key factors to calculate any Medicaid case in seven minutes (or less!).
• IRA's: Exemption versus taxes, how to calculate if IRA's should be liquidated or exempted in Medicaid and VA cases.

VETERANS' BENEFITS:

• New fully developed claims process for veterans and widows.
• Qualifying assisted living facilities as UME's.
• Key language to complete the physician affidavit for more timely approvals.
• Update on three year look back for VA benefits.
• The key reports no longer required for VA applications.
• Dangers of annuities in VA benefits planning.
• The effects of the Supreme Court decision on DOMA related to veterans' benefits.

HERE'S WHAT YOUR PEERS HAD TO SAY ABOUT THE PROGRAM:

• "It will change your practice and your life!" –John Koenig
• "Great way to grow into a real firm and help one's community." –Antoinette Middleton
• "Go to the training session and consider and evaluate upgrading your delivery of services, for me it's modernizing what I can offer." –Wally Kelleman

Are you going to miss or attend the most important event of the year? Click here now to join some of your most successful colleagues and leave confident in the strategies you provide to your clients every day. 

David J. Zumpano, Esq, CPA, Co-founder Lawyers With Purpose, Founder and Senior Partner of Estate Planning Law Center