bankruptcy seminars
Sunday, September 19th, 2010
Medicaid planning can be very difficult to understand but understanding the uses of a Life Estate Deed in Medicaid planning can help you land a few lucrative annuity sales per year.
To have a better understanding of all of the aspects about Medicaid planning you should read Transmittal 64 the Section of dealing with Annuities (Medicaid Annuities and Life Estates). To give a brief synopsis of what you will read in the section about the life estate deed, it explains that a person can not have constructive ownership of the property, and that just having a ” life estate in the property ” does not mean you have ownership as long as you do not have the right to sell, mortgage, or convey the property. So the deed should be written giving you and your spouse ( the right to live in the home ) a life estate in the property with “no rights to sell, mortgage, or convey the property”. In addition to this statement another statement must be made giving the property or the ” remainderman” to the children for $1 or other valuable consideration. Quite simply your giving the property to the children for $1 and giving yourself the right to live in the house for the remainder of your lives. The waiting period to qualify the transaction as a non countable asset is now five years.
The information contained in this article is to give you a starting point in educating yourself, and it is advised that you should read Transmittal 64 and completely understand it before speaking about the importance of the deed transfer. Matter of fact is this is just enough information to get you in trouble, remember that you are on an attorney, so speak to an Elder Law attorney in your state before proceeding.
Peter has thirty years experience selling annuities and is one of the most respected authorities on marketing annuities and life insurance in the Senior market. Peter first made a name for himself back in the early eighties for his ability to sell 150 plus universal life policies per year using a very simple telephone prospecting system. In 1990 he started selling annuities and from then on it was a seven figure income with a complete change in the way he and his family were able to live. Beautiful homes, fancy cars, Ocean front home overlooking Marta’s Vineyard, two boats in front of the house, world class vacations with the family, and no worries about where money was going to come from. All of the business written was from leads generated by a simple 4x 8.5 card which mentioned some very simple yet powerful topics. In 1997 Peter began to think about Seminars and in late 1998 he dove into the very easy at that time senior seminar market. His first seminar he wrote 1.2 million dollars of annuity premium and ver $40,000 of target UL premium. In 1998 he wrote 18 million of annuity production and hasn’t looked back. In 2004 Peter decided start his own Annuity and life NMO National Annuity Brokers http://www.nationalannuitybrokers.com , and at the same time seminar attendance had slowed dramatically so he decided to go back to his prospecting methods of the early 90’s and revisit the method of sending out cards to seniors and started another company called, Premier annuity Prospects http://www.premierannuityprospects.com
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