A Guide to Elder Planning: Everything You Need to Know to by Steve Weisman

By Steve Weisman

Let's accept it... in cutting-edge international, senior electorate and their households face extra advanced monetary, criminal and private making plans judgements than ever before--and making the inaccurate judgements may be catastrophic. during this ebook, Steven J.J. Weisman, well known property making plans legal professional and host of the nationally syndicated radio exhibit "A contact of Grey," provide you with sensible, basic tips on most of these concerns. Written with simplicity and humor, Elder making plans uncovers suggestions and loopholes for retirement, healthiness care, long term care, asset defense, investments, taxes, social safety, housing, Medicare/Medicaid, property making plans, alternative choice, and extra. This booklet is simple to learn and straightforward to exploit, making it the crucial source for a person desiring to guard themselves, their mom and dad and their heirs.

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Extra resources for A Guide to Elder Planning: Everything You Need to Know to Protect Yourself Legally and Financially (Financial Times Prentice Hall Books)

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Ownership rights and disposition of death benefits from a life insurance policy. 5. The making of a will, trust or other arrangement. Provisions for the making of a will are particularly important because without appropriate provisions in a prenuptial agreement, your surviving spouse is permitted by law to claim a statutory share of your probate estate, usually one-third, if the survivor receives nothing in the will or is dissatisfied with the inheritance. You may want to leave your ERISA pension benefits (employer-sponsored profit-sharing or pension plans) to your children from a previous marriage rather than to your spouse.

A spouse is allowed by law to waive those rights, but the about-to-be-married person is obviously not yet the spouse of the pension holder. And the law says that if the prospective spouse signs the waiver before the official marriage ceremony, the waiver is ineffective. So, what do you do? In that situation it is important to ensure that the appropriate waivers are signed after the marriage has occurred, to supplement the prenuptial agreement. Medicaid Implications Senior citizens may want a prenuptial agreement to protect assets for themselves and their children from previous marriages in the event that a spouse goes into a nursing home and Medicaid coverage is sought.

Homestead protection and the procedures for establishing it vary from state to state. In addition, and most important, many people mistakenly think that a homestead declaration protects their home from Medicaid. It will not. Fraudulent Conveyances In an effort to protect their assets from the claims of creditors and lawsuits, many people give those assets away, usually to other family members or friends. It is not against the law to do this to protect yourself from people who may have a claim against you in the future, but it is illegal to do so to shelter your assets from present and past creditors or other people who may already have a claim against you, for example, someone with whom you have had an automobile accident.

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