Medicaid planning in Ohio can include annuities. An annuity can be an effective Medicaid planning and estate planning device, if done properly. This article will focus on annuities as a Medicaid planning device.
An annuity is a product sold by insurance companies, which pays you back in payments over a set number of years. I discussed annuities in more detail in a previous article.
Medicaid considers a annuity that has the payments deferred to later point in time as an available resource. If the annuity is in payout status, it will viewed as income. If an annuity is purchased within five years of a Medicaid application, it must list, after a spouse or child, the State of Ohio as a residual beneficiary to cover Medicaid benefits bestowed upon the owner of the annuity. The annuity must also be irrevocable and pay out over a period of time or no more than the life expectancy of you or your spouse. If the annuity purchased within five years of the Medicaid application does not comply with the rules, Medicaid will treat it as an improper transfer.
To read more on Ohio Medicaid planning, click on any of the following links to my other articles related to Ohio Medicaid planning law: How do you make a will; Long term care insurance’s role in Medicaid planning; Should you use online legal document services; More problems from online legal document services.
Attorney Gigiano is an experienced Medina County Medicaid planning attorney in Wadsworth. His positive work is reflected in the following links to his reviews: Daniel Gigiano ratings; Daniel Gigiano; Working with Daniel Gigiano; Daniel Gigiano work; Daniel Gigiano ratings. Call Attorney Gigiano at 330-336-3330 if you need the services of a Wooster Medicaid planning attorney near Orrville or a Summit County Medicaid planning attorney near Barberton, please call Attorney Daniel F. Gigiano at 330-336-3330.