Safeguarding Your Present & Future

Spousal Annuity Strategy

Let a Pittsburgh Estate Planning Lawyer Help

One effective way for couples to keep more of their assets is through a Medicaid-qualified Spousal Immediate Annuity. These vehicles take money from the spouse needing care and pay them out to the other person, known as the “community spouse.” By converting half of the excess assets into an annuity, the other spouse can receive the income and cover some of the healthcare costs. At Marks Elder Law, our Pittsburgh estate planning lawyer has decades of experience helping clients arrange their assets and protect them.

Call Marks Elder Law now by dialing (412) 500-9488 or contacting us online. We offer free consultations.

What is a Spousal Immediate Annuity?

An annuity is an investment that pays out monthly dividends. A person pays a lump sum of money into an annuity, and it is paid back out in monthly installments that allow that person to receive a measured income. For an annuity to be Medicaid-qualified, it must be irrevocable and immediate, meaning that the investment cannot be undone and payments will begin right away.

The benefits of establishing a spousal immediate annuity include:

  • Immediate income that can help to cover healthcare costs
  • Protection from liquidation to fund care
  • No penalty period from Medicaid

How to Set Up Your Asset Protection Strategy

Usually, the first step in creating your spousal immediate annuity is to liquidate certain assets to fund the annuity. These assets will not include automobiles and related repairs, home equity, or a number of other specific belongings. Once the annuity is funded, a person can then apply for Medicaid benefits to cover their long-term care. A potential disadvantage could occur if the party in care dies. The annuity could be liquidated to cover Medicaid first before giving the rest back to a different beneficiary.

Call (412) 500-9488 Now for Help

Because the laws surrounding Medicaid-qualified annuities can be confusing, it is important to get the help of a qualified legal professional. At Marks Elder Law, we have helped numerous clients set up their annuities and estates to avoid having them liquidated to fund long-term care. It is never advisable to set these investments up on your own.

Call Marks Elder Law now by dialing (412) 500-9488 or contacting us online.


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