Customer Reviews

The Medicaid Planning Handbook: A Guide to Protecting Your Family's Assets From Catastrophic Nursing Home Costs

5 star:		(2)
4 star:		(2)
3 star:		(3)
2 star:		(4)
1 star:		(2)

 

 

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a financial planner specializing in this area, so I cannot- with good conscience- recommend that people adhere to the outdated information in the book- talk to an advisor who is up-to-speed on the new rules.

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

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.

Provides a useful outline of Medicare law but is out of date. For
example, it does not have the current estate tax exemption of $1,500,000 and the scheduled phase out. I was left wondering what else is out of date?

While I own this book (I bought it ten years ago) it is now very much out-of-date. The law of Medicaid is one that is constantly in flux, changing just about every year. Recent changes to Medicaid law have made every book on the subject of Medicaid published before January 2007 obsolete. While this book and its author, Mr. Bove provided a great overview of the Medicaid planning process and for many years was the go to book to learn about Medicaid and the nursing home, today it is woefully out-of-date. For an example of an up-to-date book with information for all 50 states see: The Medicaid Handbook 2007

This book was written prior to relevant law changes. It would have been a good reference book 10 years ago. I was looking for something more timely.

The book fairly explains the complexities of Medicare. However, many changes have been made in Medicare since the date this publication was printed. The book should be updated to reflect the recent changes.

I actually worked with Alex Bove on updating a book on estate planning, when I practiced law in Boston many years ago. I purchased this book back in 1996 (the date of the current edition), but since then the laws have changed several times, most notably in February 2006, with the enactment of the Deficit Reduction Act of 2005. As a result of those changes, many of the examples and planning suggestions discussed in Bove's book no longer work. For example, all rules relating to gifting, penalty periods, look-back periods, "half-a-loaf" planning, and annuities, have been radically changed. Do not rely on the examples in the book!

That being said, his material on durable powers of attorney, trusts (other than the Convertible Trust, which no longer works), gift taxes, general eligibility requirements, and ethics of Medicaid planning, is still worth reading.

For an example of a book that incorporates all the latest changes in the law, together with case studies and numerous cutting edge planning ideas, take a look at How to Protect Your Family's Assets from Devastating Nursing Home Costs: Medicaid Secrets (3rd edition). It's pricey, but well worth it when you consider all the information and ideas packed into it!

I took this book out of the library prior to buying it and glad I did. It is not current with current Medicaid rules which seem to be changed every 2 years.
VERY IMPORTANT to know what the current dollar figures are for assets, monthly income, etc.
I hope the author will update this book however because each state sets their own rules for Medicaid that will probably not happen.
What the authors COULD DO is have each states current financial guidelines available online and have the book set out what legal stategies are best overall.

The book came quickly and the price was right but the information was out dated medicaid laws are constantly changing and differ from state to state but I found after working with a medicaid planning company that there are alot of things the book didnt know about