Your client's last purchase: annuities and long-term care planning
Article Abstract:
Annuities may be the best investment option for clients with spouses who face admission to long-term health care facilities. Many states classify annuities as unavailable funds exempt from the resource test used to determine if the person is eligible for state aid in paying for long-term care. For clients without income the transfer of stocks, bonds and cash into an annuity may make them eligible for aid. If a client has an income or wants to qualify for the Minimum Monthly Allowance, the annuity may have to be structured to provide a low monthly pay-out.
Publication Name: Journal of the American Society of CLU & ChFC
Subject: Law
ISSN: 1052-2875
Year: 1993
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A user-friendly analysis of GRITs and GRATs
Article Abstract:
Grantor Retained Income Trusts (GRITs) and Grantor Retained Annuity Trusts (GRATs) are both vehicles to transfer property to a beneficiary while retaining income and minimizing estate taxes. IRC section 2702 limited GRITs to non-related beneficiaries and required GRATs to exceed the 2702 return rate before they are effective. GRITs present the lower gift value especially because death during the transfer term lowers the gift while it increases a GRAT gift. However, GRATs are useful for transferring property to relatives.
Publication Name: Journal of the American Society of CLU & ChFC
Subject: Law
ISSN: 1052-2875
Year: 1993
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Building planning relationships: a family business story
Article Abstract:
Lawyers, accountants, and financial advisers should work together to provide family business owners with comprehensive estate and business plans. Discovery of subjective desires is as important as objective facts such as actual financial status. Reference to two planning examples based upon fictional companies may be useful.
Publication Name: Journal of the American Society of CLU & ChFC
Subject: Law
ISSN: 1052-2875
Year: 1998
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- Abstracts: Strategies for clients residing in nursing homes. Guidelines for clients contemplating organ donation. Surviving spouse may benefit from revised planning
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- Abstracts: IRS approves changes in asset valuation method and software for defined benefit plans. PBGC proposes changes in plan benefit valuation rules for single-employer and multiemployer plans after mass withdrawal
- Abstracts: Federal judges in South Carolina try trifurcation; juries are asked to consider insurance coverage in a trial stage after setting punitives
- Abstracts: Guaranteed principal plus interest: the growth of annuity companies