Retired University of Pittsburg Law School professor, Larry Frolik, joins Harry again in episode 2 of the AskHarry podcast discuss the pros and cons of revocable trusts and annuities for seniors.
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Retired University of Pittsburg Law School professor, Larry Frolik, joins Harry again in episode 2 of the AskHarry podcast discuss the pros and cons of revocable trusts and annuities for seniors.
Read MoreTopics: baby boomers, revocable trust, annuities
A common MassHealth planning technique for spouses of nursing home residents to protect assets is to purchase a qualifying annuity to shelter their assets above the spousal asset limit of approximately $130,000. (Read our legal guide Using Annuities for MassHealth Planning for Nursing Home Residents.) In order for such purchases not to be treated as disqualifying transfers, they must be "actuarially sound" and must name the Commonwealth as the remainder beneficiary "for at least the total amount of medical assistance, paid on behalf of the institutionalized individual."
Read MoreTopics: MassHealth planning, MassHealth, annuities
Have estate planning questions? If so, read: Get Your Ducks in a Row
