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1 . Francine has been reviewing her long term care ( LTC ) needs. Francine will be going to a nursing home and was wondering
Francine has been reviewing her longterm care LTC needs. Francine will be going to a nursing home and was wondering if there are any strategies that she might now employ considering she does not have an LTC policy, does have liquid assets, and has done little to no planning.
Which of the following would be excluded from any lookback penalty calculations?
Group of answer choices
Francine has a mortgage balance of $ left on her primary residence. She could use $ of her liquid account to pay off debt. This will be considered an exemption from the lookback period under the Medicaid rules.
Purchase an annuity that will last past her Medicaid life expectancy with the remainder going to a joint annuitant.
Immediately transfer all of her assets to a Medicaid irrevocable trust.
Use the remaining $ from her liquid account to purchase a single premium immediate annuity, where she will be expected to receive her entire benefit back. Her daughter will be named as her beneficiary.
Laura is looking for guidance for her longterm care needs. She has transferred most of her assets well before the lookback period penalty. However, she still has ownership in a brokerage account that has a fair market value of $ She will be entering a nursing home in year and is looking to protect the asset. Which of the following is least likely to be included in a plan to address Laura's longterm care needs and help her qualify for Medicaid?
Group of answer choices
Pay off the remaining $ on her home mortgage.
Select an annuity and name the state as the remainder beneficiary.
Select an annuity that is irrevocable and a payment stream that is no longer than her life expectancy.
Select an annuity that exceeds Laura's actuarial life.
John owns MidAtlantic Lobster and provides a defined contribution DC for its employees. Upon review, an auditor has determined the following:
John's plan has of the balance of the plan held by key employees. John has come to his adviser for guidance. Please review advice that John can utilize for his plan.
Group of answer choices
John's plan is in compliance as less than of the aggregate of the plan for key employees exceeds the aggregate of all employees.
John's plan is out of compliance and can be corrected by providing each nonkey employee at least a contribution to hisher plan.
If key employees received a contribution, in order to correct this plan, nonkeys should receive a contribution.
If key employees received a contribution, in order to correct this plan, nonkeys should receive a contribution.
Johnson Plastics is a fairly large company that has multiple principal owners. Jim, a owner of Johnson Plastics, wants to cover his estate planning needs. By entering into a buysell agreement with Johnson Plastics, Jim would most likely be covered by
Group of answer choices
A crosspurchase agreement.
An entity redemption agreement.
A waitandsee buysell agreement.
A life insurance purchase agreement.
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