Firm News

Krause Financial Services provides this information about Personal Services Contracts:

Personal Services Contracts (“PSKs”) are widely used in Florida as a Medicaid spend-down tool and allow for immediate Medicaid eligibility for the applicant. If used alone, the PSK poses three non-Medicaid problems to the recipient: (1) excessive income taxes, (2) loss of control, and (3) an unequal inheritance. However, if the PSK is coupled with an immediate annuity and a PSK Annuity Settlement Trust, the problems can be resolved. 

1)  the income taxes are limited to the amount of compensation received in a given year.

2) the monthly payments remaining flow directly to the PSK Annuity Settlement Trust following the death of the parent.
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Welcome to my new website, please check back regularly for more information and updated resources.  I'll add information you can use and share some situations I've come across with my own mother who is 98, yup, that's right, two years short of 100. She suffers from severe memory loss and can be difficult, funny, thoughtful, and even insightful.  It's a difficult road for the family of someone with dementia but we take the good with the bad and try to make the best of what we have.

IWatch my blog site for updated information about Medicaid, Estate planning, probate, guardianship, conservatorships, Veterans benefits, trusts and estate planning and pet trusts!