How to Protect Your Family's Assets from Devastating Nursing Home Costs: Medicaid Secrets

How to Protect Your Family's Assets from Devastating Nursing Home Costs: Medicaid Secrets
Average customer rating:

Valuable information on a complex subject.

Pricey, but good.

There is no easy way to preserve your parents assets....

Valuable reference guide

Book Review by Michael Sabbeth, Esq.

How to Protect Your Family's Assets from Devastating Nursing Home Costs: Medicaid Secrets
K. Gabriel Heiser
Manufacturer: Phylius Press
ProductGroup: Book
Binding: Paperback

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All Titles | Qualifying Textbooks - Fall 2007 | Stores | Books
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American Bar Association Legal Guide for Americans Over 50: Everything about the law and Medicare and Medicaid, retirement rights, and long-term choices ... and your parents (American Bar Association)

The Medicaid Handbook 2007: Protecting Your Assets From Nursing Home Costs

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Long-Term Care: How to Plan & Pay for It

How to Care For Your Parents' Money While Caring for Your Parents

ASIN: 0979080118

Book Description

Written by an elder law attorney with over 23 years¿ experience, this book will help anyone with a family member faced with a long-term stay in a nursing home who wishes to preserve at least some of their assets by qualifying for the Medicaid program. You don¿t have to be broke to qualify! For the first time ever, the inside secrets of high-priced estate planning and elder law attorneys are revealed. Includes a summary of all income and asset rules for both married and single individuals, together with numerous examples and several case studies, which take the reader through the same thought processes that an experienced elder law attorney would go through when analyzing a real-life client¿s situation. The book includes tips on: how to title your home so you do not lose it to the state; how to make transfers to family members that won¿t disqualify you from Medicaid; how annuities make assets ¿disappear¿; smart tricks for ¿spending down¿ your assets; what to change in your will to save thousands of dollars if your spouse ever needs nursing home care; avoiding the state¿s reimbursement claim following the nursing home resident¿s death; and much more. Completely up-to-date, the book includes the massive changes made by the Deficit Reduction Act of 2005 as well as the December 2006 Tax Relief and Health Care Act amendments.

Customer Reviews:

Valuable information on a complex subject........2007-09-09

This book provides valuable information on a complex subject. Although it may not answer your specific questions, the information given allows you to make informed decision when consulting an estate planner or attorney. Informative easy to read book on a complex subject.

Pricey, but good........2007-08-10

The book had some good ideas to get you thinking and prepare you to talk to an elder law attorny. It was a little on the pricey side for the information that was in it.

There is no easy way to preserve your parents assets...........2007-06-02

This is a really grim but realistic assessment of the major attack on the middle class that congress has waged.

We baby boomers have elderly parents going into nursing homes.
Since Medicaid is only for indigent people without more than $2000 total in assets, our parents do not qualify to have the government pay for their care in nursing homes. But with the yearly cost of nursing homes around $70,000 per year or more, our parents can't pay for it out of their assets. We are really stuck.

Each year congress clamps down harder on us, narrowing the ways that we can try to hang onto our parents life savings when they need to go into nursing homes. They will need to have some money in the bank to pay for all the things not provided for them, such as haircuts, private nurses, televisions, clothing, etc.

In trying to qualify for Medicaid, parents gift children their life savings but this causes a five year waiting period before they can then qualify for Medicaid.

There is the new Personal Services Contract which states that caretaker children of their parents are entitled to a fair compensation for taking care of aging parents. This does not mean the usual cooking and housekeeping, but actually performing nursing duties around the clock. A court has ruled that the child who does this is entitled to the going wage for this type of work. Therefore, before this work is done for the parent, a Personal Services Contract must be prepared by a lawyer who specializes in Medicaid planning. The drawback is that all the taxes must be paid on this just as if it were any other type of employee paycheck.

This book does a very good job of briefly describing various methods that might preserve an elderly person's assets from being siezed by the government to pay for the nursing home. It gives some critical details that can actually make or break the application for Medicaid, such as exactly when to apply, neither too early or too late.

It is horribly depressing to see an elderly parent's life savings be eaten up by nursing home costs. If the nursing home doesn't get it the governmet will. You may be able to preserve at least some of it though with the help of a good eldercare lawyer. Don't be unprepared though. Read this book first, and good luck!

Valuable reference guide.......2007-04-26

Reviewed by Richard R. Blake for Reader Views (4/07)

The question of how to protect your family assets is timely. It is an important consideration faced by the majority of American citizens. As a result of longer life expectancy, rising medical costs, and complicated governmental programs, more and more people are forced to spend all their money before they ever qualify to take advantage of Medicaid benefits. Heiser's book is a godsend as it guides the reader through the complex issues relating to Medicaid benefits, qualifications, and application strategies.

This amazing guidebook will help you discover the secrets of protecting your family assets in ways that will not disqualify you from Medicaid benefits. The contents include a comprehensive working definition of Medicaid, what is provided, and how to apply for the program. Medical and income qualifications are covered in detail. Strategies for transferring assets, setting up trusts, and planning annuities are all addressed.

I personally found the Case Studies to be helpful. These examples gave several possible scenarios which offered me ideas for integrating these applications to planning an approach to finding solutions in my own life situation.

The appendix contains important information on a Durable Power of Attorney, as well as valuable suggestions on obtaining a qualified attorney. A glossary, important statistical tables, some applicable federal laws, a list of resources and agencies available, and Medicaid questionnaires, all make this a valuable resource and reference guide.

J. Gabriel Heiser, an attorney, with over 23-years experience in the field of elder law and estate planning is well-qualified to author this book.

This is an important guide for retirement planning and for anyone with a family member in, or approaching, a long-term-care situation. It can also become a valuable resource and reference guide for professional financial and estate planners, attorneys, for people in the medical profession, social workers, and ministers.

I found the book to be crucial, timely, and important. "How to Protect Your Family's Assets from Devastating Nursing Home Costs: Medicaid Secrets" is a book that should be read by every American tax payer as well as by every recipient and future recipient of Medicaid benefits.

Book Review by Michael Sabbeth, Esq. .......2007-04-18

Book Review
How to Protect Your Family's Assets from Devastating Nursing Home Costs: Medicaid Secrets
By Gabriel Heiser, Esq.

Medicaid is a vast federal bureaucratic healthcare system that operates on the federal, state and local levels. The federal government delegates considerable rule making authority and discretion to the individual states, which, in turn, delegate to individual counties their own regulation-making power. Added to this percolating brew is the reality that individual nursing homes make their own rules and policies for dealing with Medicaid recipients.
Thus, legal practitioners, government officials and inquiring citizens are confronted with a regulation-intensive field of law and public health so labyrinthine that even Daedalus and Icarus would have to put attorneys on retainer to help them navigate through it.
Gabriel Heiser is an attorney in Boulder, Colorado, specializing in Medicaid qualification matters as a sub-set of his practice in elder law. He has written How to Protect Your Family's Assets from Devastating Nursing Home Costs: Medicaid Secrets, a straight-forward concise volume that clarifies and simplifies the processes of analyzing Medicaid qualification and payment issues and crafting strategies for dealing with them in a cost-effective way in real-life situations.
The book has a Table of Contents that is logically organized and indicates that the major components of the topic are thoroughly addressed. The Index illustrates the excellent organization of the book and makes it easy to reference back to specific concepts within the text.
One aspect that I liked particularly was Heiser's detailed references in the text to material previously covered. Instead of writing something generic such as, `as stated earlier' or `as I previously covered,' Heiser gives specific page numbers and topic headings. The book is, thus, highly user friendly for the lay person as well as for the knowledgeable practitioner.
The book also provides Medicaid contacts for each state; a list of resources and citations to relevant federal statutes. I found both refreshing and admirable Heiser's direct forthright addressing of the ethical dimension of a lawyer giving advice intended to reduce the financial burden imposed on an individual or on a family when qualifying for and receiving Medicaid benefits.
Anticipating critics, Heiser gives examples where profligacy and irresponsible behavior have been financially rewarded and where thrift and self-sacrifice have been punished. He ends the topic with a trenchant quote from Justice Learned Hand: "Anyone may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury."
Heiser's book builds on the overall topic incrementally from basic concepts--what is Medicaid?--to rather sophisticated arcane aspects of Medicaid law. Heiser displays the enviable skill of breaking down into understandable segments esoteric concepts that do not trip easily off the tongue such as the Community Spouse Resource Allowance, irrevocable trusts, minimum monthly maintenance needs allowances and penalty dates.
Upon completing the book, the reader will not be sufficiently trained to walk into federal court and litigate a case, of course, but the reader will have a comprehensive grasp of the issues to guide future financial decisions and to ask more probing questions of legal counsel. As a disclaimer, Heiser emphasizes that obtaining the advice of an experienced elder law attorney in the client's home state is essential to successful Medicaid planning.
I end this review with two judgments. First, the book is not about Medicaid `secrets.' Rather, it is about the analysis and deductions made and implications offered by a skilled lawyer trying to make accessible the rules and laws imposed on a massive bureaucracy. If in this day and age the effort to describe the law to average citizens constitutes secrets, then there is much to lament. Second, the book does not show how to protect all assets from nursing home costs. It shows how to protect some assets and how to distribute some of those assets to family and recipients other than to the layers of government.
The book is easy to read. It is free of mind-numbing jargon and arrogant intellectual self-indulgence. It is meant to be a foundational primer to help people keep some of their assets should life's tempests require access to Medicaid nursing home benefits. It successfully achieves that goal.

Book reviewed by
Michael G. Sabbeth, Esq.
Denver, Colorado

Average customer rating:

Outdated
Excellent Book On Asset Protection
What is the right answer?
useful guide for asset protection
An absolute, invaluable "must"

Asset Protection Secrets
Arnold Goldstein
Manufacturer: Garrett Pub
ProductGroup: Book
Binding: Paperback

General | Personal Finance | Business & Investing | Subjects | Books

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ASIN: 1880539004

Book Description

Legally safeguard wealth and property from lawsuits, creditors, bankruptcy, probate, and other financial disasters, that can unexpectedly wipe you out.

Customer Reviews:

Outdated.......2004-07-08

While this book might have represented the cutting-edge in 1997, it is seriously outdated today. For instance, the book talks about offshore trusts as the penultimate asset protection tool, which was of course disproved in the Anderson case in 1999 and the Lawrence case in 2000, where in both cases those who set up offshore trusts went to jail. This book is good for the archives, and not much else.

Excellent Book On Asset Protection.......2003-06-29

Arnold Goldstein's classic book Asset Protection Secrets is probably one of the few asset protection books you will find that actually gives you your money's worth.

Goldstein's advice is aimed at those who are not only fighting off creditors, but those who want to legally and legitimately shield their assets from lawsuits, greedy ex-spouses, and other nosey people who should not have the right to go poking into your financial affairs in the first place.

His advice is applicable to individuals, businesses, professionals, and those who just want more financial privacy. Probably the best lesson you will learn from this book is that an ounce of prevention is worth a pound of cure. Even if you are happily married, if your business is in great financial shape and you have no legal problems of any type, NOW is the best time to take action. Waiting until trouble comes looking for you is much more expensive in the long run than simply preparing for the worst. If nothing else, following his advice will probably save you a ton on taxes, even if you never have to defend yourself against the courts or creditors.

This book is simple to both read and comprehend. Anyone should be able to follow the advice therein. However, keep in mind, most of the techniques in this book should only be used with the assistance of a skilled attorney. Trying to implement most of these suggestions on your own could land you in more trouble than you had in the first place. It will give you a lot of good ideas to discuss with your attorney though.

Overall, this is a great book for those looking to find basic info on asset protection and how to deal with creditors and debt.

What is the right answer?.......2002-10-21

I have read several books on this topic; none of them provided me with the "right set of answers" to my questions. Everyone of these book authors recommends their "favorite" legal structures for asset protection, and all of these protection schemes have "holes". Furthermore some of these schemes come at a steep price: on the one hand you may give up considerable amount of control over your investments, and on the other hand it (most likely) will cost you lots of time and money to set these structures up. What I like about this book is, that Mr. Goldstein presents this difficult topic from a neutral point of view - not recommending one legal structure over the other one. His discussions of the various asset protection vehicles are "to the point" - yet complete. What I miss is a more thorough discussion of the risk management side of asset protection. If you are in the middle class and you are on a limited budget, risk management is they key to (reasonable) asset protection. Let's face it, myself and probably most of us are better served with high liability insurance than with legal structures of the "rich and famous". Nevertheless, if you want to learn about the world of asset protection, Mr. Goldstein's book is a great reference! It will provide you with all the basic knowledge to discuss your case with an experienced asset protection lawyer.

useful guide for asset protection.......2002-02-16

The author clearly present the basic idea of asset protection togehther with certain useful and constructive tips for reader.
In fact, many tips are very useful in practical way as I come across before. I have no reservation to recommend you to read this book as your first bible for asset protection.

An absolute, invaluable "must".......2002-01-14

Written by a nationally known tax and asset protection specialist Arnold Goldstein, Asset Protection Made E-Z is the information-packed guide to complete financial security. From dealing with lawsuits, creditors, and divorce to the IRS itself, chapters leave no threat unexamined. Asset Protection Made E-Z is an absolute, invaluable "must" for the financial head of every household!

Investing Offshore: Secrets Of Asset Protection

Average customer rating:

Didn't work then - Doesn't work now

Investing Offshore: Secrets Of Asset Protection
Robert Forbush
Manufacturer: Paladin Press
ProductGroup: Book
Binding: Paperback

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The Ultimate Guide to Offshore Tax Havens

ASIN: 1581600909

Book Description

Are crushing taxes and suffocating government regulations cramping your style? Consider escaping these twin enemies of free enterprise in the shelter of an offshore tax haven. Investing offshore shows you how to take advantage of the freedom and confidentiality that offshore financial centers offer and explains how and where to set up your assets beyond the reach of money-hungry bureaucrats and tax collectors. Author Robert Forbush runs a thriving consulting business that sets up and manages offshore companies for people just like you. Here he shares such insider tips on establishing your offshore structure, including deciding how much money to stow away, opening an office, appointing trusted third-party directors to manage the operation and much more. He also covers setting up a trust to protect your hard-earned cash in case you kick off suddenly while enjoying the good life with your new-found wealth. This book is your ticket to the idyllic offshore tax haven - one that will keep Big Brother out of your business and put an end to the piracy of your profits.

Customer Reviews:

Didn't work then - Doesn't work now.......2004-12-24

This book is sort of the stereotypical "How to hide your money offshore" sort of book, which totally ignores the realities of how people, banks and trust companies must respond to subpoenas, and how they must report offshore activity to the IRS or else face perjury charges for filing false returns. Indeed, some of the strategies advocated by this book have since proven not to work, such as those involving offshore credit cards (the IRS simply issued subpoenas to the major credit card companies for their records and now the people who held such credit cards are facing criminal investigations and possibly significant jail time).

In other words, it is unintentionally a guide as to what not to do. Pass on this one.

Taxes, Estate Planning, and Asset Protection (Secrets of the Great Investors)

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Taxes, Estate Planning, and Asset Protection (Secrets of the Great Investors)
Vernon K. Jacobs , and Michael Ketcher
Manufacturer: Blackstone Audio Inc.
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Binding: Audio CD

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Any good financial plan must address how to preserve what you earn. Though tax law and inheritance laws constantly change, this presentation will give you a clear big picture on the basic pitfalls and opportunities in this potentially complicated (yet vital) area of financial planning.

The Secrets of the Great Investors series is a collection of presentations that explain, in understandable language, the strategies, tactics, and principles that have produced great wealth, and how you can improve your financial future. History's greatest investors used powerful investing philosophies to produce superior results, and you can learn from their successes and mistakes.

Asset Protection for Everyone: Secrets to Legally Safeguarding Your Hard-Earned Money, Home & Business (Small Business Sourcebooks)
Average customer rating:

Very Eye Opening Book

Easy to understand and put to use

Great Information Regardless Of Whatever Happened to the Author

Roland B. Frasier is a fraud!!

One of the best on the subject

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Customer Reviews:

Very Eye Opening Book.......2005-08-30

I had heard of some of the things Frasier says in his book, but I also learned quite a bit. The quizzes and suggestions were really helpful in giving me ideas on how I should move forward to protect my family from potential creditors. The book was easy to understand and written in plain English. I would recommend this book to anyone interested in learning how to plan ahead to protect their assets.

Easy to understand and put to use.......2005-08-25

Here's a guy who has done work for the rich and famous and took the time to show the average person how it's done. Very eye opening information and the quizzes and charts really helped me understand how everything ties together!

Great Information Regardless Of Whatever Happened to the Author.......2005-08-24

No matter what may have happened to the author, this book has a ton of great information, advice and suggestions. It makes sense to do the things discussed in the book to help protect yourself from whatever might happen to you. I found the information on family limited partnerships especially helpful.

Roland B. Frasier is a fraud!!.......2005-04-30

I was interested in this book, but before I purchased it I did a little research. Here's what I discovered:

According to the Securities & Exchange Commission, Roland B. Frasier orchestrated and implemented a scheme to manipulate the market in Zandria common stock, among other things. Read the SEC complaint here: http://www.sec.gov/litigation/admin/34-48741.htm.

Another scam orchestrated by Roland B. Frasier: http://myfloridalegal.com/newsrel.nsf/newsreleases/D361C12E9E5CDAAA85256FE00068BFA8.

Based on these findings, I am going to find another book. I would recommend that you do the same.

One of the best on the subject.......2005-01-31

Frasier's book is one of the best I've read on the subject of asset protection. What separates this book from the others is the way Frasier approaches each technique as though it will be challenged in court. In theory, there are dozens of ways to protect assets, but in reality many of these simply don't hold up under scrutiny due to either their complexity or changes in case law which have eroded their protections. Frasier tells it like it is.

ALL YOU WANT TO KNOW ABOUT: SECRETS OF THE GREAT I: "Money Managers and Mutual Funds Taxes, Asset Protection, and Estate Planning" (All You Want to Know)

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ALL YOU WANT TO KNOW ABOUT: SECRETS OF THE GREAT I: "Money Managers and Mutual Funds Taxes, Asset Protection, and Estate Planning" (All You Want to Know)
Knowledge Products
Manufacturer: Sound Ideas
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Binding: Audio Cassette

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Access to Asset Protection and Insider Secrets: Legally Safeguard Your Personal Wealth
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Asset Protection Secrets. (book reviews): An article from: Mid-Atlantic Journal of Business

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Asset Protection Secrets. (book reviews): An article from: Mid-Atlantic Journal of Business
John E. Karayan
Manufacturer: Stillman School of Business
ProductGroup: Book
Binding: Digital

General | Business & Investing | Subjects | Books

Book Description

This digital document is an article from Mid-Atlantic Journal of Business, published by Stillman School of Business on March 1, 1994. The length of the article is 1082 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: Asset Protection Secrets. (book reviews)
Author: John E. Karayan
Publication: Mid-Atlantic Journal of Business (Refereed)
Date: March 1, 1994
Publisher: Stillman School of Business
Volume: v30 Issue: n1 Page: p121(2)

Article Type: Book Review

Distributed by Thomson Gale

Enforcing Restrictive Covenants and Protecting Trade Secrets.(Brief Article): An article from: Franchising World

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Enforcing Restrictive Covenants and Protecting Trade Secrets.(Brief Article): An article from: Franchising World
Theodore M. Becker
Manufacturer: International Franchise Association
ProductGroup: Book
Binding: Digital

General | Business & Investing | Subjects | Books

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Book Description

This digital document is an article from Franchising World, published by International Franchise Association on July 1, 2001. The length of the article is 762 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: Enforcing Restrictive Covenants and Protecting Trade Secrets.(Brief Article)
Author: Theodore M. Becker
Publication: Franchising World (Magazine/Journal)
Date: July 1, 2001
Publisher: International Franchise Association
Volume: 33 Issue: 5 Page: 48

Article Type: Brief Article

Distributed by Thomson Gale

Rich Dad's Real Estate Advantages: Tax and Legal Secrets of Successful Real Estate Investors

Average customer rating:

Loaded with Helpful Strategies
A Solid Foundation for launching a RE Investing career...
Road to sucess!
The ultimate get started book
Great Stuff for the Money wise!

Rich Dad's Real Estate Advantages: Tax and Legal Secrets of Successful Real Estate Investors
Sutton, Sharon, Garrett L. Lechter
Manufacturer: audible.com
ProductGroup: Book
Binding: Audio Download
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Book Description

Real Estate Advantages is for first-time as well as seasoned real estate investors. It reveals the tax and legal loopholes available and most important, how they can be used together to not only maximize your income--but accelerate your income from real estate investing. Sharon Lechter and Rich Dad's Advisor Garrett Sutton team up for the first time to deliver practical, proven strategies and formulas--from the perspective of successful investors, CPAs and asset protection attorneys--for acheiving the greatest leverage from real estate investing. Written in easy-to-understand language, this book de-mystifies the legal and tax aspects of investing with easy-to-follow, real life examples. Real Estate Advantages reveals how you can find good advisors, create steady monthly income, reduce your risk, pay less in taxes, make more money with your banker's money and, best of all, the government helps you!

Customer Reviews:

Loaded with Helpful Strategies .......2007-08-26

Very informative. This book is full of great strategies of how to maximize your return and how to protect your real estate investments and retire comfortably. You will learn how to choose the right asset protection for your investments, how to maximize your real estate investments to your retirement advantage, the use of 1031 exchange to pass on assets to your kids without paying capital gain tax, how to mix and match business entities if you have multiple RE investments in different states, learn the advantages and disadvantages of a Nevada, Wyoming, California, Texas corporation or LLC. After reading this book, I attended a seminar with the co-author lawyer, Garrett Sutton, at a National Real Estate Investment Club Expo in L.A Convention Center. We had a Q&A after his presentation. This guy really knows his stuff. He seems to be a nice and humble person. If you are a RE investor or thinking of becoming one, I highly recommend this book. I also recommend that you consult with his office for asset protection. He does business over the phone for all states. You can also get lots of tips and info in Garrett Sutton's websites.

A Solid Foundation for launching a RE Investing career..........2007-08-20

Of all the Real Estate "How To" books and programs I've purchased over the years, one thing was always lacking...the legal aspects of holding and protecting the property. A few may have touched on it, but nothing as meaty as this book. Very informative and easy to understand. Buying real estate without reading this book would be like going into combat without weapons and body armor...at some point you're going to end up getting killed ( or sued ). In this day and age where people are suing fast food restaurants for making them fat, or cigarette companies for giving them cancer, don't think some tenant won't sue you some day for something equally as stupid. This book is super cheap insurance...buy it if you're seriously considering real estate investing.

Road to sucess!.......2007-06-10

The money you will save buying this book will save you thousands!It is a reference book that help you avoid all the common tax and legal problems when investing in real estate.

The ultimate get started book.......2007-04-10

This has been one of the best books on real estate I have ever read. I am just about to get started and will definately put this book into action. It is hard to get all of the topics for real estate into one easy to read format, but the Rich Dad advisors have done it and with a little flare. It is an easy read and good for anyone serious about getting started or if you have made mistakes along the way.

Great Stuff for the Money wise!.......2007-04-10

Full of great information if you want to know how to avoid costly mistakes for managing your excess funds.

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