A Guide to Elder Planning: Everything You Need to Know to Protect Your Loved Ones and Yourself

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!

Table of Contents:
Contents Chapter 1 Asset Protection   1 Insurance   2 Homeowner’s Insurance   2 Prenuptial Agreements   7 Bank Accounts   10 Trusts   11 Homestead Protection   13 Fraudulent Conveyances   14 Assets Protected by Law   15 Joint Ownership   15 Tenancy by the Entirety   16 Family Limited Partnerships   17 Endnotes   18 Chapter 2 Senior Citizens and Credit   19 Equal Credit Opportunity Act   19 Credit Reports   20 Credit Cards   25 Chapter 3 Substitute Decision Making   27 Power of Attorney   27 Durable Power of Attorney   28 You and Will Robinson   31 IRS Dangers   34 Health Care Proxy   35 Free Advice (And Worth Every Penny)   39 Chapter 4 Estate Planning   41 Wills   41 Living Trusts   45 Incentive Trusts   49 Estate Taxes   50 State Estate Taxes   54 Irrevocable Life Insurance Trusts   54 Charitable Remainder Trust   56 Defective Trusts   57 Section 529 Plans   58 Planning for Your Pets   60 Digital Estate Planning   61 POD Accounts   61 Second Marriages   62 Estate Planning for Unmarried Couples   63 Now That You Have a Plan   64 Chapter 5 Investments   66 Mutual Funds   66 DRIPs   74 Certificates of Deposit   74 Treasuries   75 Annuities   78 Your Stock Portfolio   79 A Few Words on Gold   87 Final Thoughts   87 Endnotes   88 Chapter 6 Income Taxes   89 Marital Status   89 Parents and Children   94 Domestic Partners   96 The Over-65 Crowd   97 Untaxed Income   98 Tax Credits   99 Social Security Taxes   100 Tax Deductions   102 Tax Relief as Big as a House   108 I Get By with a Little Help from My Friends   110 Now That You Have Prepared Your Taxes, What Documents Do You Keep?   111 Final Words from Deep in the Heart of Taxes   111 Endnote   112 Chapter 7 Individual Retirement Accounts and 401(k)s   113 Traditional IRA   114 Roth IRA   116 Decisions, Decisions   117 The Different Path   118 401(k)   120 Roth 401(k)   122 Bad News/Good News   123 Choices   124 Devil in the Details   124 How to Exorcise the Devil   124 Beneficiary Designation   125 Conversion to a Roth IRA   127 When Does It Make Sense to Convert a Traditional IRA to a Roth IRA?   129 Distribution   130 Withdrawal Pains   131 Survivors   134 Chapter 8 Planning for the Home   138 Reverse Mortgages   139 Keep It in the Family   141 Uncle Sam Likes Reverse Mortgages   141 Using Reverse Mortgages to Pay for Long-Term Care Insurance   142 Creative Uses of Reverse Mortgages   143 Counseling   146 Bells and Whistles   147 Shared Equity and Appreciation Fees   148 Reverse Mortgage Fees   150 For Whom the Reverse Mortgage Tolls   151 The Bottom Line   152 Mortgage Prepayment   152 Private Mortgage Insurance   153 Refinancing   154 Life Estates   155 Sell the Home to the Children   156 Chapter 9 Alternative Housing   157 Retirement Communities   158 Important Considerations in Evaluating a Continuing Care Retirement Community   162 Assisted Living   165 Legalities   165 What’s in a Name?   166 Accreditation   167 Important Considerations in Evaluating an Assisted-Living Facility   168 A Word of Warning   170 Location, Location, Location   170 Check It Out   171 Security   171 Hospitals   171 The Smell Test   172 Smoking   172 Pet Policy   172 Transportation   172 Do You Get Fries with That?   173 What Would Tim Russert Ask?   173 The Fine Print   174 How Do You Pay?   174 Checklist of Important Issues in Considering an Assisted-Living Facility or Continuing Care Retirement Community   175 The Final Words   177 Endnote   177 Chapter 10 Long-Term Care   178 History   178 Cost of Long-Term Care   181 Future Cost of Long-Term Care   181 Financing Long-Term Care   181 Finding the Money   185 Another Thing to Think About   185 Swap   186 Other Considerations   186 Creative Solutions   197 Who Is in Jeopardy of a Premium Increase?   197 Good News   198 It Pays to Be Married   198 Group Policies   199 Deferred Annuities   199 Disability Insurance   200 Surf and Turf   200 Make the Kids Pay   201 Endnote   201 Chapter 11 Social Security   202 History   202 Eligibility and Benefit Calculations   203 Look for Your Annual Statement   204 Full Retirement Age   205 Early or Late Retirement   206 Show Me the Money   207 A Bird in the Hand   208 Over-Under   209 Take the Money and Run   209 A Work in Progress   210 Getting a Larger Check Later   210 Spousal Benefits   211 Income Taxes   211 Another Reason to Delay Taking Benefits   212 COLAs   213 Social Security Retirement Strategies   213 Survivor’s Benefits   214 Notch Babies   216 Social Security Disability Income   216 Getting a Copy of Your Record   218 Overpayments   219 Medicare and Your Application for Social Security Benefits   219 Endnote   219 Chapter 12 Medicare   220 The Medicare Alphabet   220 Managed Care   228 The Fly in the Ointment   230 Where Do You Get Your Plan?   231 When Can You Join or Switch a Plan   231 What Does It Cost?   231 The Math   232 Who Is Keeping Score?   232 Sticky Little Detail   233 Don’t Cry for Me Argentina: Tiered Drugs   233 Exceptions Process   234 Penalty   234 Tricare   235 Things to Consider When Choosing a Drug Plan   235 Don’t Give Up the SHIP   236 Medicare Home Healthcare   236 Home Healthcare Services Provided   237 Post-Hospital Home Healthcare   238 Hospice Care   238 Premiums   239 Enrollment   240 Medicare D   241 Medigap Insurance   241 Traditional Medicare or Medicare Advantage?   242 Appeals   244 Endnote   245 Chapter 13 Medicaid   246 Medicaid 101   248 Asset Eligibility   248 Life Insurance   250 Retirement Planning   251 Exceptions to Transfer Penalties   253 Home Improvement   254 Consideration of Income   254 Protection from Spousal Impoverishment   254 How Much Do You Pay?   256 Increasing the Allowance for At-Home Spouses   256 Medicaid Planning   257 Just Say No   259 Estate Planning for the Community Spouse   260 Estate and Financial Planning for the Spouse in the Nursing Home   260 Tactics for Reducing Assets Without a Medicaid Penalty   261 Trusts   265 Protecting the Home   266 Tips for the Home   269 Tactics for Increasing Assets to Achieve a Greater Spousal Resource Allowance   270 Annuities   271 Promissory Notes   273 Do Nothing Strategy   274 As if You Don’t Have Enough to Worry About   274 Partnership for Long-Term Care   275 Estate Recovery   276 Exceptions   277 The Latest Information   279 Chapter 14 Veterans’ Benefits   280 Veterans Eligible for Veterans Administration (VA) Pension Benefits   281 Spouses and Family Members Eligible for VA Benefits   282 Basic Requirements for Veterans’ Benefits   283 Pension Benefits for War Veterans and Their Families   284 Chapter 15 Being Patient   288 Privacy and Medical Records   289 Access to Medical Records—By You and Others   290 Chapter 16 Scams   291 Identity Theft   292 Affinity Fraud   293 The Grandparent Scam   294 Social Security Scams   294 Medicare Scams   297 Charity Scams   298 Investment Frauds   299 Variable Annuities   299 Charitable Gift Annuities   300 Churning   300 Stranger-Owned Life Insurance (SOLI)   301 Sham Tax Forms   302 Phony Prizes   303 Slavery Reparations   303 IRS Impersonators   304 Credit-Card Protection   304 Chain Letters   305 Pyramid Schemes   306 Cramming   306 Credit Repair Services   308 Travel Fraud   309 Reloading   309 Some Good Advice   310 Identity Theft from the Dead   311 A Few Tips   311 Chapter 17 End-of-Life Issues   313 Health Care Proxy   313 Hospice Care   314 Organ Donation   314 Durable Power of Attorney   314 Beneficiary Designations   315 Monetary Needs   315 Wills   316 Planning Your Funeral   316 Wills to Live By   317 Glossary   318 Favorite Websites   331 Forms   338 State Income Tax Deductibility of Section 529 Plans   342 Index   344

About the Author :
Steve Weisman is a lawyer who hosts the radio show “A Touch of Grey,” syndicated to more than 50 stations nationwide, including AM 970 (NYC) and KRLA (LA). A senior lecturer at Bentley University where he teaches Elder Planning, he is a member of the National Academy of Elder Law Attorneys and is admitted to practice before the U.S. Supreme Court. The legal editor for Talkers magazine and RadioInfo.com, he writes for publications ranging from The Boston Globe to Playboy and earned an ABA Certificate of Merit for excellence in legal journalism. His books include Boomer or Bust, The Truth About Buying Annuities,The Truth About Protecting Your IRAs and 401(k)s, and The Truth About Avoiding Scams, which was featured on Dr. Phil and CNN. Weisman received a J.D. degree from Boston College Law School. He also operates the website www.scamicide.com , which provides the latest information on scams and identity theft.