An interesting question for the attorney would be this:
"How do you plan on making sure Mrs. Smith is still eligible for Medicaid after Mr. Smith receives his first of five annuity payments?"
The attorney needs to put that in writing. Because I don't see how in the world it can be done.
To think that you could be held liable for NOT writing the application is ridiculous. You do not have a monopoly on SPIA's. They can buy an SPIA right over the internet, for pete's sake. (
Immediate Annuities - Instant Annuity Quote Calculator. )
The bottom line is that this "planning technique" is very likely to "blow up in their faces" this time next year.
If you're in this business for the long haul, I think you'd make more money by telling them that they need a second opinion, rather than, one year from now, have the husband, the son, and all their friends and relatives chew out you and the attorney for bad advice.
If you tell them what they don't want to hear now, you'll earn their trust and you'll make a lot more money (handling all their insurance and investments needs over the next 20 years) than just the commission on this SPIA. And, I think that the client who referred you, referred you because he figured you'd do the right thing for them.
But, what the hell do I know.
I'm wrong about everything.
Just ask my ex-wife.
Re: Medicare Compliant Annuities
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