Krause Financial Services

Primarily in Florida, Personal Services Contracts ("PSK"), which are also referred to as Caregiver Agreements, are widely used as a spend-down tool for Medicaid and Veterans benefits planning.

The first cost-of-living adjustment since 2008 has recently been made, bringing a 3.6% increase in benefits. The cost-of-living adjustments are based on increases in the Consumer Price Index for Urban Wage Earners and Clerical Workers ("CPI-W").

An Intentionally Defective Grantor Trust ("IDGT") is an irrevocable trust created so that the assets of the trust are attributable to the grantor for federal income tax purposes, but not for gift, estate, or generation skipping transfer tax.

Internal Revenue Code ("IRC") § 121 provides that a taxpayer may exclude from taxable income up to $250,000 of the gain realized on the sale or exchange of a principal residence.

Today, an irrevocable trust is an excellent planning tool for those clients wanting to qualify for Medicaid benefits in the future.

Medicaid planning with IRAs typically involves a considerable amount of caution due to the heavy tax consequences and penalties that can result from careless errors.

If your client has a tax-deferred annuity that is causing problems with Medicaid or VA eligibility, it can be easily cashed out.

When developing a Veterans Aid & Attendance plan involving a single premium immediate annuity, various factors need to be taken into consideration above and beyond the financial figures.

The American Equity Investment Life Insurance Company, based in Des Moines, Iowa, recently made an announcement regarding its acceptance of annuity new business in relation to Veterans Administration Benefits planning.

The advantage of purchasing a partnership Long-Term Care Insurance policy is that if the insured exhausts all of his or her available coverage.