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<\/a><\/h3>\nA New York court rules that a nursing home resident\u2019s grandchildren are liable for fraudulent conveyance after the grandmother annuitized a number annuities to them, rendering her insolvent and ineligible for Medicaid.<\/h3>\n
(Related: Palliative Care Need Grows, Specialists Dwindle<\/a>)<\/p>\n As part of her estate plan<\/em>, Lillian Heather purchased for annuities<\/strong> for each of her grandchildren in 2000. The grandchildren were name as annuitants<\/strong> and beneficiaries<\/strong> in the annuities, but Ms. Heather maintained control of the accounts. She also appointed her grandchildren as her attorneys-in-fact under a power of attorney<\/strong>.<\/p>\n In 2006, Ms. Heather entered a nursing home. One of her granddaughters, Kristin Goldman, signed the admission agreement as her designated representative. After entering the nursing home, Ms. Heather annuitized the annuities and the full value was transferred to the grandchildren. Upon applying for Medicaid benefits<\/strong> she learned that because she had transferred assets for less than fair market value, she wasn\u2019t eligible.<\/p>\n (Related: Duke Medicine <\/a>(more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" A New York court rules that a nursing home resident\u2019s grandchildren are liable for fraudulent conveyance after the grandmother annuitized a number annuities to them, rendering her insolvent and ineligible for Medicaid. (Related: Palliative Care Need Grows, Specialists Dwindle) As…<\/span><\/p>\n