Investment Advisory Services offered through Claraphi Advisory Network, LLC

Life, Health, and Annuity licensed in FL, AL, MS, GA, SC, NC, and MD

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References made, and discussions of various investment solutions or offerings are for informational purposes only. Such investments may not be suitable or appropriate for all investors. Individual investment strategies and solutions will be based on individual discussions with your advisory representative.

 

Financial and Insurance Services maintains a principal place of business in the State of Florida. Advisors for Financial and Insurance Services may transact business only in States in which they are registered, or in which they are excluded or exempted from registration. The Advisors for Financial and Insurance Services must also be registered or exempted or excluded from registration in any state in which they follow up on individualized responses to persons in that State that involve either the effecting or the attempting to effect transactions in securities, or the rendering of personalized investment advice for compensation.

 

Important Disclosures

The information in this website is based on data gathered from what we believe to be reliable sources. Information throughout this site, whether stock quotes or any other statement or statements regarding market or other financial information is not guaranteed for timeliness or accuracy and is not intended as the primary basis for investment decisions. It should also not be construed as advice meeting the particular investment needs of any investor. The identification of specific securities and model portfolios is made on the assumption that the investor would participate in the investment or portfolio on a long-term basis and only after consulting with their investment advisory representative to determine their individual needs, financial position, and tolerance for risk among other things. With respect to any such identification, there can be no assurance that fund or model portfolio will in fact perform in the manner suggested. All references that might be made to an investment or portfolio’s performance are based on historical data and one should not assume that this performance will continue in the future. Past performance is not indicative of future results. In some cases, our recommendations may include commission based insurance products. Such products will only be offered through an appropriately registered insurance broker. Claraphi Advisory Network does not offer insurance products.

 

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Our website may contain previous newsletters or articles where specific information may be dated and may no longer reflect the views, opinions and recommendations of Financial & Insurance Services. No client or prospective client should assume that any such discussion serves as a substitute for, or in place of, personalized advice from Financial & Insurance Services.

 

Video Disclosure

Any videos provided by Financial & Insurance Services  are for informational purposes only. Investing involves the risk of loss and investors should be prepared to bear potential losses. No portion of videos presented is to be construed as a solicitation to buy or sell a security or the provision of personalized investment, tax or legal advice. Certain information contained in this presentation is derived from sources that Financial & Insurance Services believes to be reliable; however, the Firm does not guarantee the accuracy or timeliness of such information and assumes no liability for any resulting damages.

 

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This site may provide links to other websites and resources. Financial & Insurance Services  has no control over such websites and resources, is not responsible for their availability and does not endorse and is not responsible or liable for any content, advertising, products and other materials on or available from them. Financial & Insurance Services shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused with use of such sites or resources. Your use of such sites or resources shall be subject to the terms and conditions set forth by them. All such information is provided solely for convenience and information purposes.

Medicaid FAQs

  • Is Medicaid Planning legal?

A. Yes. Medicaid qualification rules have some specific planning options available and understanding how to utilize these specific planning options is just like understanding and utilizing legal tax saving strategies.

  • Will the care be sub-standard?

A. No, it is illegal to discriminate. Medicaid patients are supposed to receive the same level of care as any other patient.

  • Doesn’t Medicare pay for Long Term Care?

A. Only on a very limited basis. Medicare can sometimes cover the first 20 days of a Skilled Nursing Facility stay at 100%. Medicare can sometimes cover a small daily co-payment for days 21 through 100 and after day 100 all Medicare Skilled Nursing Facility benefits stop in most instances.

  • How do I protect my home?

A. In the State of Florida, at this time, the homestead is exempt as long as it is the applicant’s principal place of residence and has a market value of under $585,000.

  • Do I have to be destitute in order to qualify for Medicaid ICP Benefits?

A. No. There is a Community “OBRA” Legislation that protects the Community Spouse from impoverishment. Medicaid planning can help protect assets from being unnecessarily spent down. Just remember that the Medicaid applicant must pass the medical eligibility test and that the Medicaid applicant and the Community Spouse (if there is one) must pass both the income and the asset tests.

  • What if I have little (or no) income and my spouse enters a nursing home? Does Medicaid count my income? Can I have some of my spouse’s income diverted to me?

A. Incomes are looked at separately. Yes, it is possible in some circumstances to divert some of the Medicaid applicant’s income to the Community Spouse.

  • What happens if the Medicaid applicant has too much income to qualify for Medicaid – But not enough to pay for the nursing home?

A. A qualified Income Trust can be used in this instance.

  • What is a Qualified Income Trust?

A. A qualified Income Trust is a diversionary trust, which exempts all income above the income cap so that the Medicaid applicant can qualify for Medicaid ICP benefits.

  • Do I have to have a Durable Power of Attorney (DPOA) to apply for my spouse?

A. No. For Medicaid application purposes, anyone can apply for benefits on behalf of the individual experiencing the nursing home crisis. However, a DPOA is critical when making day-to-day business decisions for the individual experiencing the nursing home crisis.

  • Do I have to have a Durable Power of Attorney (DPOA) to apply for my parents or a relative?

A. No; however, it is our opinion that having a DPOA in place in advance of any long term care crisis is very important for anyone in a position to take care of a loved one’s planning needs.  For Medicaid application purposes, anyone can apply for benefits on behalf of the individual experiencing the nursing home crisis.

  • Can I gift away $12,000?

A. No. This is a common mistake between tax law and Medicaid law. Any gifts above the State average pre-payment will trigger a period of ineligibility.

  • I was told to take my spouse’s name off of everything we own. If I do so, are our assets protected?

A. Not necessarily. It is important to understand that, in general, incomes are viewed separately and assets are viewed jointly. Re-titling can be an important part of an overall plan, but it is not a solution in itself. Additionally, some sources of income cannot be re-titled.

  • Are there penalties if I transfer all of my assets to my spouse?

A. No. At this time, the law allows unlimited transfer between spouses.

  • If I transfer my assets to my spouse, is there a look back period applied?

A. No. Look back periods do not apply to transfers between spouses.

  • Can I set up a Revocable Living Trust?

A. Yes, but a Revocable Living Trust is not effective in distancing a person from their assets under current Medicaid rules, particularly if the Medicaid applicant is named as the trustee of the trust.

  • After my spouse is approved, can I gift assets away?

A. In general, the answer is yes. Once the case is approved, the Community Spouse’s assets are no longer a part of the ongoing eligibility. Gifting, however, could affect the future Medicaid eligibility of the Community Spouse.

  • What will happen if the Community Spouse should need to qualify for Medicaid ICP benefits after the Medicaid application is approved for the nursing home spouse?

A. If both spouses end up needing Medicaid ICP benefits, the income and asset limits change dramatically. This is why comprehensive planning is necessary.

  • How do I protect my assets in the event that my spouse is in a nursing home receiving Medicaid ICP benefits and I die first?

A. Once again, comprehensive planning is necessary.

  • If I choose to, may I bring my spouse home after he or she has been approved for Medicaid ICP benefits?

A. Yes

www.myflfamilies.com
www.medicare.gov
www.medicaid.gov
www.irs.gov
www.flmedicaidmanagedcare.com