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Full Description
For millions of families, elder planning has become life's most important financial challenge. To plan successfully for aging, coordinated and knowledgeable action is indispensable. Whether you're concerned about your own future, your loved ones, or both, Steve Weisman's A Guide to Elder Planning, Second Edition brings together all the up-to-date knowledge and practical insights you'll need. Thorough, realistic, friendly, and easy to read, it covers all the financial, legal, and personal issues faced by seniors and their families. Weisman is one of the nation's most respected eldercare attorneys: through his nationally syndicated radio show A Touch of Grey and his books, he's already helped millions of seniors and their families. Now, he brings together practical insights and specific, innovative solutions for estate planning, investment planning, long term care planning, housing, Medicare, Medicaid, retirement planning, Social Security, veterans' benefits, asset protection, substitute decision making, income tax planning, age discrimination, protection from abuse and scams, end of life issues, and much more. From navigating fast-changing benefits programs to preparing healthcare directives, this trustworthy book explains it all -- in plain, crystal-clear English!
Contents
ContentsChapter 1 Asset Protection 1Insurance 2Homeowner's Insurance 2Prenuptial Agreements 7Bank Accounts 10Trusts 11Homestead Protection 13Fraudulent Conveyances 14Assets Protected by Law 15Joint Ownership 15Tenancy by the Entirety 16Family Limited Partnerships 17Endnotes 18Chapter 2 Senior Citizens and Credit 19Equal Credit Opportunity Act 19Credit Reports 20Credit Cards 25Chapter 3 Substitute Decision Making 27Power of Attorney 27Durable Power of Attorney 28You and Will Robinson 31IRS Dangers 34Health Care Proxy 35Free Advice (And Worth Every Penny) 39Chapter 4 Estate Planning 41Wills 41Living Trusts 45Incentive Trusts 49Estate Taxes 50State Estate Taxes 54Irrevocable Life Insurance Trusts 54Charitable Remainder Trust 56Defective Trusts 57Section 529 Plans 58Planning for Your Pets 60Digital Estate Planning 61POD Accounts 61Second Marriages 62Estate Planning for Unmarried Couples 63Now That You Have a Plan 64Chapter 5 Investments 66Mutual Funds 66DRIPs 74Certificates of Deposit 74Treasuries 75Annuities 78Your Stock Portfolio 79A Few Words on Gold 87Final Thoughts 87Endnotes 88Chapter 6 Income Taxes 89Marital Status 89Parents and Children 94Domestic Partners 96The Over-65 Crowd 97Untaxed Income 98Tax Credits 99Social Security Taxes 100Tax Deductions 102Tax Relief as Big as a House 108I Get By with a Little Help from My Friends 110Now That You Have Prepared Your Taxes, What Documents Do You Keep? 111Final Words from Deep in the Heart of Taxes 111Endnote 112Chapter 7 Individual Retirement Accounts and 401(k)s 113Traditional IRA 114Roth IRA 116Decisions, Decisions 117The Different Path 118401(k) 120Roth 401(k) 122Bad News/Good News 123Choices 124Devil in the Details 124How to Exorcise the Devil 124Beneficiary Designation 125Conversion to a Roth IRA 127When Does It Make Sense to Convert a Traditional IRA to a Roth IRA? 129Distribution 130Withdrawal Pains 131Survivors 134Chapter 8 Planning for the Home 138Reverse Mortgages 139Keep It in the Family 141Uncle Sam Likes Reverse Mortgages 141Using Reverse Mortgages to Pay for Long-Term Care Insurance 142Creative Uses of Reverse Mortgages 143Counseling 146Bells and Whistles 147Shared Equity and Appreciation Fees 148Reverse Mortgage Fees 150For Whom the Reverse Mortgage Tolls 151The Bottom Line 152Mortgage Prepayment 152Private Mortgage Insurance 153Refinancing 154Life Estates 155Sell the Home to the Children 156Chapter 9 Alternative Housing 157Retirement Communities 158Important Considerations in Evaluating a Continuing Care Retirement Community 162Assisted Living 165Legalities 165What's in a Name? 166Accreditation 167Important Considerations in Evaluating an Assisted-Living Facility 168A Word of Warning 170Location, Location, Location 170Check It Out 171Security 171Hospitals 171The Smell Test 172Smoking 172Pet Policy 172Transportation 172Do You Get Fries with That? 173What Would Tim Russert Ask? 173The Fine Print 174How Do You Pay? 174Checklist of Important Issues in Considering an Assisted-Living Facility or Continuing Care Retirement Community 175The Final Words 177Endnote 177Chapter 10 Long-Term Care 178History 178Cost of Long-Term Care 181Future Cost of Long-Term Care 181Financing Long-Term Care 181Finding the Money 185Another Thing to Think About 185Swap 186Other Considerations 186Creative Solutions 197Who Is in Jeopardy of a Premium Increase? 197Good News 198It Pays to Be Married 198Group Policies 199Deferred Annuities 199Disability Insurance 200Surf and Turf 200Make the Kids Pay 201Endnote 201Chapter 11 Social Security 202History 202Eligibility and Benefit Calculations 203Look for Your Annual Statement 204Full Retirement Age 205Early or Late Retirement 206Show Me the Money 207A Bird in the Hand 208Over-Under 209Take the Money and Run 209A Work in Progress 210Getting a Larger Check Later 210Spousal Benefits 211Income Taxes 211Another Reason to Delay Taking Benefits 212COLAs 213Social Security Retirement Strategies 213Survivor's Benefits 214Notch Babies 216Social Security Disability Income 216Getting a Copy of Your Record 218Overpayments 219Medicare and Your Application for Social Security Benefits 219Endnote 219Chapter 12 Medicare 220The Medicare Alphabet 220Managed Care 228The Fly in the Ointment 230Where Do You Get Your Plan? 231When Can You Join or Switch a Plan 231What Does It Cost? 231The Math 232Who Is Keeping Score? 232Sticky Little Detail 233Don't Cry for Me Argentina: Tiered Drugs 233Exceptions Process 234Penalty 234Tricare 235Things to Consider When Choosing a Drug Plan 235Don't Give Up the SHIP 236Medicare Home Healthcare 236Home Healthcare Services Provided 237Post-Hospital Home Healthcare 238Hospice Care 238Premiums 239Enrollment 240Medicare D 241Medigap Insurance 241Traditional Medicare or Medicare Advantage? 242Appeals 244Endnote 245Chapter 13 Medicaid 246Medicaid 101 248Asset Eligibility 248Life Insurance 250Retirement Planning 251Exceptions to Transfer Penalties 253Home Improvement 254Consideration of Income 254Protection from Spousal Impoverishment 254How Much Do You Pay? 256Increasing the Allowance for At-Home Spouses 256Medicaid Planning 257Just Say No 259Estate Planning for the Community Spouse 260Estate and Financial Planning for the Spouse in the Nursing Home 260Tactics for Reducing Assets Without a Medicaid Penalty 261Trusts 265Protecting the Home 266Tips for the Home 269Tactics for Increasing Assets to Achieve a Greater Spousal Resource Allowance 270Annuities 271Promissory Notes 273Do Nothing Strategy 274As if You Don't Have Enough to Worry About 274Partnership for Long-Term Care 275Estate Recovery 276Exceptions 277The Latest Information 279Chapter 14 Veterans' Benefits 280Veterans Eligible for Veterans Administration (VA) Pension Benefits 281Spouses and Family Members Eligible for VA Benefits 282Basic Requirements for Veterans' Benefits 283Pension Benefits for War Veterans and Their Families 284Chapter 15 Being Patient 288Privacy and Medical Records 289Access to Medical Records-By You and Others 290Chapter 16 Scams 291Identity Theft 292Affinity Fraud 293The Grandparent Scam 294Social Security Scams 294Medicare Scams 297Charity Scams 298Investment Frauds 299Variable Annuities 299Charitable Gift Annuities 300Churning 300Stranger-Owned Life Insurance (SOLI) 301Sham Tax Forms 302Phony Prizes 303Slavery Reparations 303IRS Impersonators 304Credit-Card Protection 304Chain Letters 305Pyramid Schemes 306Cramming 306Credit Repair Services 308Travel Fraud 309Reloading 309Some Good Advice 310Identity Theft from the Dead 311A Few Tips 311Chapter 17 End-of-Life Issues 313Health Care Proxy 313Hospice Care 314Organ Donation 314Durable Power of Attorney 314Beneficiary Designations 315Monetary Needs 315Wills 316Planning Your Funeral 316Wills to Live By 317Glossary 318Favorite Websites 331Forms 338State Income Tax Deductibility of Section 529 Plans 342Index 344
