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At Marks Elder Law we remain committed to serving you and meeting your legal needs promptly – more than ever in these demanding times. Our office is again open for any work that can’t be effectively done remotely, including meeting with clients (though we still use videoconferencing, phone and email as well)

Having up-to-date estate planning arrangements in the form of Powers of Attorney and Wills, at least, is crucial to peace of mind as well as actual preparedness. You may benefit from taking your planning a step further with a Revocable Trust, and some families absolutely need Special Needs Trust type planning  for any family member with a disability.

If you are headed toward expensive long-term care such as in a nursing home, you must seek expert advice to protect yourself, your assets and your family.  With the right advice, long-term care patients and their families get a much, much better bottom line result. We can help you protect your assets.

Finally,  if a loved one has died, we also provide expert assistance to help you wind up their affairs  and administer their estate. These are some ways in which we  at MARKS ELDER LAW  may be able to help you.  Please keep reading, and call or email today.


Let Us Help You Make A Spousal Annuity Strategy

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.

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 health care 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 412-415-7586 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.

Schedule a free initial consultation in our Pittsburgh office to learn more. Just call 412-415-7586 or contact us online.