Series of Consumer and Professional Webinars To Help Those Dealing with Chronic Illness and Disability Scheduled To Support Estate Planning Awareness

Week - October 17-21 2011

Tuesday October 18 12:30 pm - 1:15 pm EDT

PARAMUS, N.J., Oct. 6, 2011 /PRNewswire via COMTEX/ -- In support of Estate Planning Awareness Week, chronic illness webinars will be presented by Martin M. Shenkman, CPA, MBA, PFS, AEP, JD with www.RV4TheCause.org and www.ChronicIllnessPlanning.org .

October 17 - 23, 2011 has been designated National Estate Planning Awareness Week. It is estimated that over 120,000,000 Americans are living with a chronic illness. Yet they may not have up-to-date estate plans and long term financial strategies to protect themselves or their families in the event of sickness, accidents, or untimely death. The purpose of Estate Planning Awareness Week is to encourage consumers to address these issues before they have a chance to negatively impact daily lives.

The Michael J. Fox Foundation for Parkinson's Research sponsors a free consumer webinar "Estate and Financial Planning for those Living with Parkinson's Disease." The program will be presented by Martin M. Shenkman, author of Funding the Cure: Charitable Giving to Help The Michael J. Fox Foundation for Parkinson's Research Find the Cure for Parkinson's Disease published by Demos Health. Seanna Bruno of The MJFF, will join.

Reserve at: https://www3.gotomeeting.com/register/786382430

My wife is encouraging me to place all my assets in my sons name. The reason for this is if I need to enter a nursing home and have no assets Medicaid will pay the entire cost of the nursing home thereby protecting the estate. I am still in good shape so if I need a nursing home it should be years from now.
Do you have any opinions?
Dan Murphy

Yeah. I've been reading up on this myself. I conclude that I can do it myself and plan to tackle it just as soon as I get over my DIY brain surgery.

But seriously, this is something that strongly invokes the ostrich effect and can be devastating, not only to ourselves but to our families as well. What a terrible end to our battles if our exhausted caregivers face foreclosure because of our final medical bills. Some things that I have learned so far-
1) If you go into a nursing home the government won't pay if you have transferred property in the last few years (five, I think). They saw this one coming.
2) Say you have medical insurance and feel protected? So did approximately three-fourths of the people who filed for bankruptcy last year. Lost their family home because they didn't realize just how big a co-pay can get. Face it, for most of us once you get beyond four digits (as in $ 9,999) it becomes academic. And they paid those premiums all those years.
3) Things have changed. Twenty years ago hospitals and doctors seldom chased widows and orphans for the balance due. Now the world is full of predators and has no heart. They will, literally, drag you into the street and leave you shivering in the gutter over a thousand bucks. Heck, some loan sharks have bigger hearts.
4) There are relatively simple steps that can be taken to protect your home and family but they muct be taken BEFORE the problem arises.
5) In approximately 30 states you are liable for spousal medical bills regardless of whether you sign anything or not.
6) Hang a Bankster today.
-Rick

When you apply for medicaid, they go back 5 years (at least) to see if any money from the estate has been moved. And when you apply, they go through every bill, insurance policy, asset the applicant has. The application process for my dad took 6 months.

At the very least, have up to date financial & medical powers of attorney, and wills. And consider adding your son as joint to your accounts. My dad had alzheimers first and passed away 3 years ago. Now my mom has alzheimers, and i’m so glad to have the legal documents necessary to care for her in place! When she started giving her money away, I was able to remove her from her accounts (we were joint). I plan to apply for medicaid on her behalf when the money runs out, and I am making sure I document where every cent is going now for her care because I will need that info for the medicaid application.