How does Medicaid treat annuities?
It depends on (1) when the annuity was purchased and whether there have been any changes made to the annuity, (2) is the annuity annuitized to provide you with monthly payments, (3) is the annuity owned as part of your retirement account. In many circumstances, Medicaid will require that the Medicaid Agency be named as a beneficiary of your annuity.
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Contact our experienced Upstate New York elder law attorneys to schedule a free initial consultation.
Our firm focuses our practice on estate planning and Medicaid planning. We are also very experienced in handling elder law, irrevocable trust , revocable trust, basic estate planning(Will, Power of Attorney, Health Care Proxy), Medicaid law , and children with disabilities / supplemental (special) needs trust matters.
The Koldin Law Center handles the entire Medicaid application process for the client with the goal of preserving and protecting some or all of the family life savings from the costs of Nursing Home care.