A guide for seniors, disabled individuals, and their families explains how to preserve personal assets while ensuring long-term care, covering such topics as interfamily transfers and trusts. Tour.
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A family coping with the serious illness of one of its members can be emotionally devastated. Not the least of their concerns is the crippling financial burden that accompanies a long-term health problem. Attorney Bove shows how to plan for the economic side of catastrophic illness. Bove walks us through the Medicaid morass, packing a small book with facts, definitions, and case studies that illustrate how to protect family assets when a loved one is entering a nursing home. He explains the laws governing Medicaid and Medicare and distinguishes revocable and irrevocable trusts as well as the role they play in preserving financial stability. He also discusses long-term care insurance, durable powers of attorney, and arranging for the guardianship of incompetent persons. Bove's book lacks the sample forms and model trusts included in Armond D. Budish's Avoiding the Medicaid Trap ( LJ 7/89), but is nonetheless a concise presentation of valuable information. Highly recommended for public libraries.
- Joan Pedzich, Harris, Beach & Wilcox, Rochester, N.Y.
Copyright 1992 Reed Business Information, Inc. --This text refers to an out of print or unavailable edition of this title.
- Joan Pedzich, Harris, Beach & Wilcox, Rochester, N.Y.
Copyright 1992 Reed Business Information, Inc. --This text refers to an out of print or unavailable edition of this title.
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Most Helpful Customer Reviews
84 of 85 people found the following review helpful:
3.0 out of 5 stars
Stop! Do not buy this book- "updated" version is obsolete,
By John Bergstrom (Eagan, MN United States) - See all my reviews
This review is from: The Medicaid Planning Handbook: A Guide to Protecting Your Family's Assets From Catastrophic Nursing Home Costs (Paperback)
I give the book three stars due to content, but the numbers are all obsolete. The information is now seven years old! OBRA laws have changed, gifting laws have changed, estate tax laws,...you name it. Save your money and buy soemthing that has been updated NO EARLIER than January '03. I am a financial planner specializing in this area, so I cannot- with good conscience- recommend that people adhere to the outdated information in the book- talk to an advisor who is up-to-speed on the new rules.
20 of 20 people found the following review helpful:
1.0 out of 5 stars
Worthless after Feb 8, 2006,
By
This review is from: The Medicaid Planning Handbook: A Guide to Protecting Your Family's Assets From Catastrophic Nursing Home Costs (Paperback)
Dear Worried Reader,
On February 8, 2006, President Bush signed a law called the Deficit Reduction Act of 2005. This law makes sweeping changes to the ability of seniors to transfer (gift) any assets to their children and grandchildren. Following the advice of any book written before that date can cause a catastrophic loss of Medicaid privileges when a senior citizen is most vulnerable..when they actually enter a nursing home. Do not use this book as a reliable guide to current law. elder law attorney Chicago, IL
15 of 17 people found the following review helpful:
5.0 out of 5 stars
Wonderful guide,
By
This review is from: The Medicaid Planning Handbook: A Guide to Protecting Your Family's Assets From Catastrophic Nursing Home Costs (Paperback)
I read 6 different books on this and irrevocable trusts when my dad went into a nursing home. This one was by far the easiest to understand. My parents had a revocable trust that was not worth the paper it was printed on. This book saved my family a lot of money. Unfortunately I lent it to someone who never returned it, so I am buying another copy to give to a friend.
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Inside This Book
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First Sentence:
In the beginning there was the Green family and the Benson family. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
spousal resource allowance, disqualifying transfer, spousal income allowance, monthly income allowance, inaccessible assets, reserved life estate, institutionalized spouse, countable assets, disqualification period, incompetent spouse, healthy spouse, deceased recipient, pooled trust, gifted property, discretionary trust, penalty period, nonprobate assets, hardship exception, burial account, nursing home costs, exempt asset, remainder interest, ill spouse, taxable gifts, probate estate Key Phrases - Capitalized Phrases (CAPs): (learn more)
Important Note, Social Security, Cape Cod, Department of Public Welfare, Family Limited Partnership, Living Benefits, New York New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
In the beginning there was the Green family and the Benson family. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
spousal resource allowance, disqualifying transfer, spousal income allowance, monthly income allowance, inaccessible assets, reserved life estate, institutionalized spouse, countable assets, disqualification period, incompetent spouse, healthy spouse, deceased recipient, pooled trust, gifted property, discretionary trust, penalty period, nonprobate assets, hardship exception, burial account, nursing home costs, exempt asset, remainder interest, ill spouse, taxable gifts, probate estate Key Phrases - Capitalized Phrases (CAPs): (learn more)
Important Note, Social Security, Cape Cod, Department of Public Welfare, Family Limited Partnership, Living Benefits, New York New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
Citations (learn more)
This book cites 1
book:
4
books
cite this book:
- Social Welfare (Aspects of Britain) by Central Office of Information in Back Matter
- Be Prepared: The Complete Financial, Legal, and Practical Guide to Living with Cancer, HIV, and other Life-Challenging Conditions by David Landay in Back Matter
- Lifemaps: A Step-By-Step Method for Simplifying 101 of Life's Most Overwhelming Projects by Michael Antoniak on page 475
- The New Ourselves, Growing Older by Paula B. Doress-Worters in Back Matter
- And Thou Shalt Honor: The Caregiver's Companion by Beth Witrogen McLeod in Back Matter
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