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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.

You don’t need a fortune teller to point out, that if one of you gets sick, Nursing Home Guys 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.

Published at: Recent Health Articleshttp://recenthealtharticles.org

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