Growing your Elder Law practice with Medicaid Planning

View this video, download the free Medicaid workshop presentation template, and the entire article here: https://bambiz.net/grow-your-practice-with-medicaid/

Learn more about Krause Financial Services: https://www.medicaidannuity.com/

Partial transcript:

Jim: All right, I've got Tom here right now, Tom Krause from Krause Financial. He's the Vice President of Sales and Marketing and we wanted to go over a little bit about what Krause Financial does, how they help elder law attorneys and how they can help grow your practice. So, thanks for joining us, Tom.

Tom: Thanks Jim. I appreciate you having me today.

Jim: Well, I wanted to jump right in on some of these questions that we have. I know that a lot of people have probably seen Krause Financial at different events they go to around the country. Maybe they have some personal experience with your company but there's a lot of elder law attorneys out there that might not even know who you are and what you do, so the goal of this is just really telling them about what you do, how you help elder law attorneys and then how working with Krause Financial can actually grow their practice. Our clients are doing a lot of marketing for their firm, but the overall goal is going to be for them to grow their practice, increase their revenues and one of the questions I'd like to find out is when an elder law attorney starts working with Krause Financial, how does life at their firm improve?

Tom: Well, Jim, just to kind of give you a little bit of background about our company for those of you who don't know, we're in the Medicaid Compliant Annuity space. We work with elder law attorneys and estate planning attorneys throughout the country, and what we do is we're kind of the back office for their crisis Medicaid planning cases. The Medicaid Annuity is really designed as a spend-down tool to take the client who is over the asset limitations for the Medicaid program, and we could accelerate their eligibility so they can gain financial relief from the hardship of the nursing home cost. So when an attorney works with our office, they have the ability to work with our entire team. Since we've been in this space for so long, we know the ins and outs of crisis planning, especially as it relates to the annuity product. So our real goal is to make the attorney's life as easy as possible so they can go out and focus on finding more clients and streamline their current operation with the Medicaid Compliant Annuity and utilize in our staff as kind of their back office for this type of planning.

Jim: Yeah, yeah. Tell us a little bit more about the Medicaid Compliant Annuity, and kind of what differentiates yours versus the competition out there.

Tom: Sure. Well our Medicaid Compliant Annuities, we have them from a host of carriers. We actually developed some of the first products that were utilized on a large scale by attorneys, so we're working with an insurance company who's been in this space the longest. We work with insurance companies that are rated A+. So we work with an array of insurance companies. We have exclusive products that we developed and designed, and they're really designed to work with the Medicaid program, the rules related to the Medicaid program which currently is a deficit reduction after 2005. So there's five key requirements that these annuities have to have to meet those requirements to work as a spend-down tool. First is to be irrevocable, that has to be non-assignable, that has to be actuarially sound, has to provide equal payments, and then finally we have to name the status beneficiary in most cases. So most annuity products on the market that you'll see, you know, a standard broker selling, you'll not have a product that meets all those strict requirements.

Jim: Gotcha. Now a lot of the attorneys that we're working with they're super busy, right? So there might be a small or they're a solo practice. And they have their hands in many different buckets, right? So when they're working with you, does their life, is it easier, or is there a lot of handholding? Like what can they expect as far as like the process goes, explain that for us....

Read the rest of the transcript here: https://bambiz.net/grow-your-practice-with-medicaid/