Free-Reprint Article Written by: Rocco Beatrice See Terms of Reprint Below.
***************************************************************** * * This email is being delivered directly to members of the group: * * [email protected] * ***************************************************************** We have moved our TERMS OF REPRINT to the end of the article. Be certain to read our TERMS OF REPRINT and honor our TERMS OF REPRINT when you use this article. Thank you. This article has been distributed by: http://Article-Distribution.com Helpful Link: The Digital Millennium Copyright Act - Overview http://www.gseis.ucla.edu/iclp/dmca1.htm --------------------------------------------------------------------- Article Title: ============== Protecting Assets from Nursing Home Costs Article Description: ==================== About protecting senior/elder assets before entering nursing home. Planning for your retirement by reducing your nursing home costs has to be done early and definitively 5 years before you plan to get sick. If offering is a taxable gift then taxes are paid on the gift by the transferor; oppositely, the receiver obtains the gift tax-free. Additional Article Information: =============================== 470 Words; formatted to 65 Characters per Line Distribution Date and Time: 2007-01-24 10:48:00 Written By: Rocco Beatrice Copyright: 2007 Contact Email: mailto:[EMAIL PROTECTED] Rocco Beatrice's Picture URL: http://www.ultratrust.com/images/rocco_100.gif For more free-reprint articles by Rocco Beatrice, please visit: http://thePhantomWriters.com/free_content/d/index.shtml#Rocco_Beatrice ============================================= Special Notice For Publishers and Webmasters: ============================================= If you use this article on your website or in your ezine, We Want To Know About It. Use the following URL to let us know where you have used this article, and we will include a link to your website on thePhantomWriters.com: http://thephantomwriters.com/notify.php?id=4279&p=load HTML Copy-and-Paste and TEXT Copy-and-Paste Versions Of Article Are Available at: http://thePhantomWriters.com/free_content/db/b/protecting-assets-nursing-home.shtml#get_code --------------------------------------------------------------------- Protecting Assets from Nursing Home Costs Copyright (c) 2007 Rocco Beatrice Estate Street Patners, LLC http://www.UltraTrust.com Protecting assets from nursing home costs is the latest challenge for seniors where government is demanding an uncapped spent down of their asset if one of them falls victim to a nursing home. Canada and some other countries offer this benefit as part of their rights, since they contributed to their Medicare Medicaid system during their working years. The United States apparently, is going the route of demanding that seniors cover their own expenses, eve if they carry private plans. What hurts the most is that there's no cap on what has to be the spent down under the new provisions mandating that all states adopt the new federal guidelines on nursing home eligibility or lose their federal funding. The evidence is clear, the baby boomers generation cannot expect government to cover their medical and nursing home costs. They have begun with existing seniors, who before they can even qualify for the nursing home cannot move their assets (asset protection) without the 5 year look-back, it was 3 years. You don't need a fortune teller to point out, that if one of you gets sick, your hard earned assets will vaporize right before your very eyes. Even if you planned carefully for your retirement, a catastrophic medical event will leave both of you devastated, one sick one without any resources. Planning for your reducing your nursing home costs has to be done early and definitively 5 years before you plan to get sick. Any string attached to your planning will void your plan to protect your assets from the nursing home costs. Your plan must be irrevocable. You cannot be the Indian giver, or the kid with the basket ball making-up the rules as he sees fit whereby if he doesn't like the way the game is progressing takes back the basket ball and goes home to his mommy. Any asset transferred from you to something else, some legal structure has to be at the "fair market value" the price paid by a willing buyer and a willing seller neither under a compulsion to buy or sell, each acting in their best interest. If it's a taxable gift, it has to be justified with a legitimate appraisal and taxes have to be paid on the gift by the transferor, the receiver of the gift is always tax-free. If it's a sale, the cash has to be exchanged. There are methods by which no cash need to change hands and still be a legal exchange. It's called the "private annuity." A private annuity is nothing more than a contract between the guy with the money and a custodian whereby in exchange for the cash the custodian promises to pay over the transferor's lifetime a certain amount, thus limiting the amount that can be used to defray the cost of the nursing home. --------------------------------------------------------------------- Rocco Beatrice, CPA, MST, MBA, Award-winning trust & estate-planning expert 71 Commercial Street #150 Boston, MA 02109 tel: 508.429.0011 fax: 508.429.3034 Sign up for a FREE newsletter & learn how you can reduce your taxes, protect your assets & secure your privacy. Free consultation. No Obligation, no risk, no sales pressure. Click here: http://www.UltraTrust.com http://www.ultratrust.com/protect-assets-nursing-home-costs.html --- END ARTICLE --- Get HTML or TEXT Copy-and-Paste Versions Of This Article at: http://thePhantomWriters.com/free_content/db/b/protecting-assets-nursing-home.shtml#get_code ..................................... TERMS OF REPRINT - Publication Rules (Last Updated: May 11, 2006) Our TERMS OF REPRINT are fully enforcable under the terms of: The Digital Millennium Copyright Act http://thomas.loc.gov/cgi-bin/query/z?c105:H.R.2281.ENR: ..................................... *** Digital Reprint Rights *** * If you publish this article in a website/forum/blog, You Must Set All URL's or Mailto Addresses in the body of the article AND in the Author's Resource Box as Hyperlinks (clickable links). * Links must remain in the form that we published them. Clean links should point to the Author's links without redirects having been inserted into the copy. * You are not allowed to Change or Delete any Words or Links in the Article or Resource Box. Paragraph breaks must be retained with articles. You can change where the paragraph breaks fall, but you cannot eliminate all paragraph breaks as some have chosen to do. * Email Distribution of this article Must be done through Opt-in Email Only. No Unsolicited Commercial Email. * You Are Allowed to format the layout of the article for proper display of the article in your website or in your ezine, so long as you can maintain the author's interests within the article. * You may not use sentences from this article as an input for any software that steals sentences from others in order to build an article with software. The copyright on this article applies to the "WHOLE" article. *** Author Notification *** We ask that you notify the author of publication of his or her work. Rocco Beatrice can be reached at: [EMAIL PROTECTED] *** Print Publication Reprint Rights *** If you desire to publish this article in a PRINT publication, you must contact the author directly for Print Permission at: mailto:[EMAIL PROTECTED] ..................................... If you need help converting this text article for proper hyperlinked placement in your webpage, please use this free tool: http://thephantomwriters.com/link-builder.pl ===================================================================== ABOUT THIS ARTICLE SUBMISSION http://thePhantomWriters.com is a paid article distribution service. thePhantomWriters.com and Article-Distribution.com are owned and operated by Bill Platt of Stillwater, Oklahoma USA. The content of this article is solely the property and opinion of its author, Rocco Beatrice http://www.UltraTrust.com --------------------------------------------------------------------- XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX ---------------------------------------------------------------------
