Medicaid Friendly Annuity

Sep 15, 2016

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  1. jn8691mr
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    jn8691mr Super Genius

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    I've only been able to find Great American. Does anyone know of any carriers that have a Medicaid friendly annuity? I've tried ANICO, Trans, F&G, Athene. None of them offer them.
     
    Last edited: Sep 15, 2016
    jn8691mr, Sep 15, 2016
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  2. Corpuschristi
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    Be very careful. It would be better to work with an Elder Law Attorney and he can advise the client what strategies to use. A Miller Trust is an option, as is buying Whole Life Insurance (just make sure the cash value stays below the Medicaid threshold for your state), Irrevocable funeral trust, if VA or widow of Veteran there is Aid and Attendance Pension available, and to salvage their home a Lady Bird Deed is quick and easy to do, as are Family Trusts etc. You can write the annuity along with life and funeral trust but if done incorrectly it opens you up to lawsuits. Work with an Elder Law Attorney, most attorneys are horrible at prospecting and will welcome new business. If you do a good job he will refer you other clients.
     
  3. jn8691mr
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    jn8691mr Super Genius

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    I've got some reading to do. LOL. I actually met with an elder law attorney who asked me if I was familiar with Medicaid Annuities. I said no, but she took a liking to me and even offered me office space in her building. You seem very knowledgable. So basically, in addition to a Medicaid annuity, I could write a funeral trust (which I'll google and do my due diligence).
     
    Last edited: Sep 15, 2016
    jn8691mr, Sep 15, 2016
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  4. Corpuschristi
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    NGL- National Guardian Life Funeral Trust. Each state is different so read up and you will be able to offer to clients. Basically it is a Final Expense Policy put into an Irrevocable Trust. Show it to the attorney and she will be able to refer you more clients, because some have to spend down their $$.
     
  5. jn8691mr
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    jn8691mr Super Genius

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    Thank you for the insight. Much appreciated.
     
    jn8691mr, Sep 15, 2016
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  6. inreverse
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    Settlers life is another option for the funeral trust
     
  7. recea
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    recea New Member

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    You can get information on medicaid annuities from Dale Krause.
    Google him and you will be able to find his website.
     
    recea, Sep 17, 2016
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  8. jn8691mr
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    jn8691mr Super Genius

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    Would I contract through him?
     
    jn8691mr, Sep 17, 2016
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  9. recea
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    Yes contact his organization. I'm sure his office will direct you. He is an Elder Law Attorney and the premier expert on medicaid annuities.
     
    recea, Sep 17, 2016
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  10. jn8691mr
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    jn8691mr Super Genius

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    I contacted Krause Financial directly and they only have two options in my state (NJ) ... Croatian and Nationwide for Medicaid Annuities ... Croatian only pays .25, but Nationwide pays 1.25 on annuities with terms of 5-9 years and 2.5 on terms 10+ ... Just wondering if this is a good comp level or should I look elsewhere?
     
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