Protecting Assets From Nursing Home Costs

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Protecting assets from nursing home costs is the newest challenge for seniors where government is demanding an uncapped spent down of their asset if one of them falls victim to a nursing home.

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Canada and some other countries offer this benefit as part of their rights, since they contributed to their Medicare Medicaid theory while their working years.

The United States apparently, is going the route of demanding that seniors cover their own expenses, eve if they carry inexpressive 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 curative 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 curative 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 safe 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 buildings has to be at the "fair store value" the price paid by a willing buyer and a willing wholesaler 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 inexpressive annuity is nothing more than a contract in the middle of the guy with the money and a custodian whereby in replacement for the cash the custodian promises to pay over the transferor's lifetime a determined amount, thus limiting the whole that can be used to defray the cost of the nursing home.

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