NOTICE!
We at Platinum Financial Planning, Inc. applaud the few knowledgeable and ethical services that help seniors and their families protect assets by qualifying for Medicaid. However, recently less experienced and sometimes less ethical individuals and companies began providing these services at “discounted” prices and sometimes for “free.” Often, these individuals use annuities and other insurance products to increase their fee substantially with no thought of the client’s needs.

VARIOUS MEDICAID PLANNING PROVIDERS
Please be aware that there are very competent attorneys and financial planners that provide Medicaid Planning services. However, there are also those who are incompetent. In addition, most attorneys cannot receive commissions on annuities because they lack proper licensing and may consider it a conflict of interest. Although the concern about conflict is valid, the flip side is they generally need to charge more for their services because it is their only form of compensation. On the other hand, financial planners or insurance licensed attorneys who charge a fee and receive annuity compensation may try to place more assets in the annuity than actually necessary to qualify for Medicaid. By doing so they increase the total compensation they receive on the case. Neither form of compensation is good or bad. It is just important that the client understand the pros and cons of both. In most cases however, annuities should the tool of last resort for asset protection!

BEWARE!
“Discounted” or “Free” service may not make it possible to offer objective advice. In addition to financial products, many strategies may be in your best interests, but not theirs! Please, be careful in selecting your provider. We will be happy to provide many satisfied clients as references. Remember, there is no room for error. Quality Counts!