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Bob Brinker Free Discussion Site 59,820+: Re: Re:Old Age Insurance


  1. iamacamera

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Top 1.   Jul 25, 2005 3:46 PM

» iamacamera - Re: Re:Old Age Insurance

In response to Re:Old Age Insurance posted by Kirk:

Kirk,
Avoiding paying for your own care is big business. You need a spouse, then get a big house and a fancy car. One big dodge is annuities, often single premium immediate anuities. It depends on what state you live in (and I don't know if CA allows it.) but the "community spouse" ie the one not in the nursing home converts most of the couples cash to an annuity in her name alone. This is income to her alone as far as medicaid is concerned. Some states have even allowed X payments followed by a lump sum, so if they know the spouse is so sick he's going to die within say 5 years they can keep most of their capital. It is a very complex law and I'm glad that many states are tightening up.

-- posted by iamacamera


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