In the mid-1980s, Congress became aware that many -- almost one out of seven -- worked hard, lived frugally, succeeded in establishing a dignified standard of living as retirement age approached, only to have that independence destroyed by the costs of long term care. To reach out to those left penniless by this blitzkrieg, Congress added several provisions -- optional to the states -- by which to become eligible for long term care under Medicaid without total loss of economic security. These provisions authorize certain transfers and do not count certain resources. The new provisions were added expressly to permit eligibility without spend-down, even permitting avoidance of lien recovery for benefits paid. All levels of government experienced continuing budgetary stress over the 15 year period ending in the late 1990s. During that time, characterization of these broken seniors shifted from 'fine Americans, humbled by unfortunate circumstance' to 'greedy geezers feeding at the public trough.' But Congress has seen fit to leave the eligibility planning rules in place. We must therefore assume that the criticism is for public consumption while the real policy remains one designed to meet these serious social needs.
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About the Author
F. Bentley Mooney, Jr. is an av-rated tax attorney, and listed in the Bar Registry of Preeminent Lawyers. (Martindale-Hubbell) With a practice limited to business law, estate planning and probate, he is a frequent speaker on topics within those areas of practice concentration. Mr. Mooney is also the author of numerous articles and books. Among the latter are Handcuff the Tax Man, Going Bare, The Artful Use of Offshore Tax Havens, Cluster! A Flexible Approach to the Cluster Agency Maze, When Health is Lost: Providing for Long-Term Nursing Home Care, Creating & Preserving Wealth and Preserving Your Wealth. He receives calls for expert comment from Forbes, Medical Economics, The Los Angeles Business Journal, Wall Street Journal and more than a dozen other publications.
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Inside This Book
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Key Phrases - Statistically Improbable Phrases (SIPs):
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community spouse, penalty period, engagement letter, plan memorandum, eligibility planning, applicable exclusion amount, life care community, life care communities, complex trust, long term care costs Key Phrases - Capitalized Phrases (CAPs): (learn more)
Special Needs Trust, Minimum Monthly Maintenance Needs Allowance, Social Security, Individual's Spouse, Trust Administration Memorandum, Where Right, Share of Cost, Property Reserve, Bypass Trust, Grantor Trust Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
community spouse, penalty period, engagement letter, plan memorandum, eligibility planning, applicable exclusion amount, life care community, life care communities, complex trust, long term care costs Key Phrases - Capitalized Phrases (CAPs): (learn more)
Special Needs Trust, Minimum Monthly Maintenance Needs Allowance, Social Security, Individual's Spouse, Trust Administration Memorandum, Where Right, Share of Cost, Property Reserve, Bypass Trust, Grantor Trust Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
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