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Medicaid Annuity Report

JUNE 2009

-PCM-

The Pennsylvania lawyer’s trusted source for Medicaid Annuities

www.paannuity.com

  -Quick Links-

James v. Richman Decision                                     Amended Annuity Provisions  

New Jersey Annuity Opinion Sinks in Medicaid’s Bog:

An Analysis of N.M.

June 2009  

By: Matthew J. Parker, CELA* and Jeffrey A. Marshall, CELA*  

[This article originally appeared in the May 2009 edition of The ElderLaw Report, page 3]  

More than a decade ago, Connecticut ’s high court described Medicaid laws as equivalent to the “Serbonian bog” referenced in John Milton’s Paradise Lost. See Ross v. Giardi, 680 A.2^nd 113 ( Conn. 1996). It appears that the bog has claimed another victim. A New Jersey state appellate court has concluded that payments from a DRA-complaint annuity owned by a community spouse are a countable resource.  

In the case, N.M. v. Division of Medical Assistance and Health Services, et al., N.J. Sup. Ct., App. Div., Feb. 26, 2009), the community spouse purchased a DRA-compliant annuity that reduced the couple’s resources to the eligibility level. Nevertheless, the state Medicaid agency denied N.M.’s application on the ground that the income stream produced by the annuity was an available resource.  

Follow this link to read the entire article- PAannuity.com.

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We’ll see you in July at PBI’s 12^th Annual Elder Law Institute  

Once again, PCM will have an exhibit table at PBI’s 12th Annual Elder Law Institute at the Harrisburg Hilton on July 23^rd and 24^th.  Stop by and sign up for our door prize, get valuable information about using Medicaid Annuities in your practice and find out how PCM can help you.  

Also, don’t miss Attorney Matthew Parker’s session on “Practical Calculations for Using Annuities & Notes in Medicaid Planning” on Thursday, July 23^rd at 2:15 PM.  Plan on crunching the numbers as Attorney Parker guides you through case scenarios and the calculations involved with annuities and notes.  He will walk you through the calculations and also address the specific terms required along with common pitfalls in application of these tools.   Visit PBI’s website to register for the Institute at www.pbi.org .    

For years, PCM has been helping attorneys obtain the right annuity products to meet their client’s long term care planning needs. Unlike other annuity providers, PCM specializes in serving only Pennsylvania attorneys and their clients. For over ten years PCM has been the Pennsylvania lawyer’s trusted source for Medicaid annuities.  It is the premier source for fast, efficient, competent, trustworthy, Pennsylvania-specific Medicaid annuity services.  

For more detailed information on how to use DRA annuities to benefit your clients, Pennsylvania attorneys may consult the PCM website, www.paannuity.com or contact PCM at 570-326-1890 or webmail@paannuity.com.

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PCM

Pennsylvania’s trusted source for Medicaid Annuities

49 East Fourth Street , Williamsport , PA 17701

570-326-1890

www.paannuity.com

webmail@paannuity.com

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  If you would like to be added or removed from our mailing list, please e-mail PCM at webmail@paannuity.com.

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For further information, please contact:

Matthew J. Parker, Esq., CELA*    mparker@paannuity.com

Patti Jo Turner, BSEd          pturner@paannuity.com

PCM

49 East Fourth Street
Williamsport,  PA 17701
570-326-1890

webmail@paannuity.com

* Certified as an Elder Law Attorney by the National Elder Law Foundation.