By Steve Weisman
Let's accept it... in modern day international, senior voters and their households face extra complex monetary, criminal and private making plans judgements than ever before--and making the incorrect judgements may be catastrophic. during this booklet, Steven J.J. Weisman, popular property making plans lawyer and host of the nationally syndicated radio exhibit "A contact of Grey," provides you with functional, uncomplicated suggestions on most of these matters. Written with simplicity and humor, Elder making plans uncovers thoughts and loopholes for retirement, healthiness care, long term care, asset safeguard, investments, taxes, social safety, housing, Medicare/Medicaid, property making plans, alternative determination, and extra. This publication is simple to learn and simple to exploit, making it the crucial source for somebody desiring to guard themselves, their mom and dad and their heirs.
Read Online or Download A Guide to Elder Planning: Everything You Need to Know to Protect Yourself Legally and Financially (Financial Times Prentice Hall Books) PDF
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Additional info for A Guide to Elder Planning: Everything You Need to Know to Protect Yourself Legally and Financially (Financial Times Prentice Hall Books)
The Cook Islands are located in the Paciﬁc Ocean, east of Australia and south of Hawaii. My theory is that if you cannot ﬁnd a place on the globe, you should not have a trust there. Establishing an offshore trust is unnecessary for all but the most wealthy of people. In addition, although utilizing such trusts is perfectly legal, a signiﬁcant number of people abuse these trusts to avoid income taxes, thereby raising the ire and the interest of the IRS. You may remember from when you prepared your income tax return the speciﬁc section where you must state whether you have an offshore trust.
However, you can set up a trust with truly independent trustees who have sole discretion as to the right to assets in the trust and any income earned by those assets. With such a trust, you can protect those assets from the claims of creditors or people who might sue you. A few states, led by Alaska in 1997, have enacted laws by which you can set up special trusts that can protect your assets from the claims of creditors for multiple generations. You do not have to be an Alaskan resident to establish such a trust, although you must meet speciﬁc requirements, including a provision in the law that requires anyone setting up an Alaskan Trust to have at least some money held in an Alaskan bank or other ﬁnancial institution.
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.