Transamerica Life Insurance Company v. Caramadre et al

Filing 1

COMPLAINT against all defendants ( Filing fee $ 350.00; Receipt number 14670001993), filed by Transamerica Life Insurance Company. (Attachments: #1 Civil Cover Sheet, #2 Exhibit A: Program Specifics, #3 Exhibit C: Affidavit of Patrick Garvey, #4 Exhibit D: Annuity Application, #5 Exhibit F: Rescission Letter) -- NOTE: Exhibits B and E docketed separately. (Duhamel, John)

Transamerica Life Insurance Company v. Caramadre et al

Doc. 1 Att. 2

P r o g r a m f o r t h e Terminal~y III
p r e s e n t e d to: H o m e & H o s p i c e C a r e o f R I
p r e s e n t e d b y : J o s e p h A . C a r a m a d r e . Esquire.
R a y m e u r Ratlhakrishnan
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Program Specifics
2 p a r t i e S to a c o n t r a c t - h i v e s t o r a n d H o s p i c e P a t i e o t e n t e r i o t o a b u s i n e s s a r r a n g e m e n t

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Eligibility C r i t e r i a f o r h o s p i c e p a t i e n t t o j o i n p r o g r a m · H o s p i c e p a t i e n t m u s t b e b e t w e e n a g e 18 & a g e 98 · U.s~ C i t i z e n o r p e r m a n e n t r e s i d e n t , m u s t p r o v i d e S o c S e c # , a d d r e s s e t c · Must understand the benefits of this joint tensnt account
As a joint account holder, tbe patient

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A g r e e s t o a c o n t r a c t t h a t I n v e s t o r w i l l d e p o s i t 1000/. o f f u n d s a n d i n v e s t o r wm r e c e i v e 100% of any liquidation/redemption proceeds. The patient, l i e u o f i n v e s t i n g funds will a g r e e t o f i n a n c i a l p a r t i c i p a t i o n i n o n e o f t b e t w o o p t i o n s b e l o w . E i t h e r p a r l i c i p l 1 t i o n o!1tim! w ili rele~ls(' ; ! n y a n d a i l o W l l e r s b i p I-igbtl' i n t b e j o i o { ~J(,:.,u n i {n t h e J n v e s t o : - . 1. C . l s h P a y m e n t u p o n s u c c e s s f u l j o i n t a c c o u n t e s t a b l i s h m e n t (TyplcaJly 5 B u s i n e s s Days) 2 . P a Y l O e u t UpOD a c c o u n t l i q u i d a t i o n , i n w b i c h p a t i e n t d e s i g n a t e s a beneficiary (family/friend) as a survivor so that a percentage ofpreceeds can be distributed a t a f u t u r e d a t e ( U n d e r t h i s o p t i o n t h e r e is n o g u a r a n t e e o f p r o f i t o r f u t u r e d a t e o f liquidation)

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3 important questions:
I s this p r o g r a m L e g a l ? . YES. a n y m ' O i n d i v i d u a l s c a n e n t e r i n t o a J o i n t a c c o u n t , u n d e r R l l a w . a s l o n g a s . hoth p a r t i e s give consent. ( p a t i e n t ' s power o f attorneyi c a n give c o n s e n t o n b e h a l f
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of patient) Will the patients ever be required to pay back any fuods received? 1 \ 0 . aU pr(}~~·c'.i~ ; ' c c c h c d b y p a r e e n l <lT~ n o t reflllld~ible. F u n d s wiJI b e k e p t i)y p n r k : n t o r ' d~sign;.ted b e n e f i d : \ Q · . WiU t h i s a f f e c t a p a t i e n t s M e d i c a r e , M e d i c a i d , Social S e c u r i t Y o r a n y o t h e r G o v t . Program? . N O , u s u a l l y r e c e i p t o f c a s h d o e s n o t e l i m i n a t e o r redu~ a n y g o v e r n m e n t a s s i s r a n c e p r o g r a m . I f n e e d e d a p a t i e n t m a y d e s i g n a t e a. f a m i l y m e m b e r o r lOVed

oue t o r e c e i v e f u n d s .

1000 ChaPel View Bl~d., Suite 270. Cranston., Rhode Island 02920
Phone ( 4 0 1 ) 7 & 5 - 2 7 0 0 Fax ( 4 0 1 ) 785-2723

Estate Planning Resources, Inc.

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Dockets.Justia.com