The End of the J.G. Wentworth Battle

Found on www.prlog.org/ and brought to you by Lawyer Salinas

Many elder law practitioners that utilize Medicaid Compliant Annuities in their planning are familiar with J.G. Wentworth proclaiming their ability to purchase any annuity - regardless of the provisions.

 

Jan 18, 2012 -
Many elder law practitioners that utilize Medicaid Compliant Annuities in their planning are familiar with J.G. Wentworth proclaiming their ability to purchase any annuity - regardless of the provisions.

We all know that a Medicaid Compliant Annuity cannot be sold under any circumstances.  The insurance company will refuse to honor any requests regarding change in ownership, annuitant, payee, or beneficiary.  This is because a Medicaid Compliant Annuity is irrevocable and non-assignable, in accordance with the requirements set forth by the Deficit Reduction Act of 2005.

Notwithstanding the above, over the years I have seen many cases progress to fair hearings solely because J.G. Wentworth's false claims.  And every case had a very similar set of case facts: a Medicaid Compliant Annuity was purchased, J.G. Wentworth claimed they could buy it and provided a false valuation, and the applicant was then denied Medicaid benefits for being overresourced.  It was a truly unfortunate situation, and one that I attempted to correct directly with J.G. Wentworth on numerous occasions, to no avail.

However, I am pleased to announce that the battle with J.G. Wentworth is finally over.  As of December 15, 2011, J.G. Wentworth has agreed to start working with Krause Financial Services.  The company will now provide a formal written letter stating that they are unable to purchase the policy due to the provisions, if it is in fact irrevocable and non-assignable.
# # #

Krause Financial Services specializes in helping families qualify for Medicaid benefits through the use of Medicaid Compliant Annuities, and Veterans Aid & Attendance benefits through the use of various life and annuity insurance products.