The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies

URL:  http://boards.fool.com/phil-you-hold-the-not-unreasonable-opinion-that-21147432.aspx

Subject:  Re: Irrevocable Trusts and Medicaid Planning Date:  8/11/2004  8:15 PM
Author:  Fletch52 Number:  72809 of 121114

Phil: You hold the not unreasonable opinion that medicaid planning is unethical. I am sure others hold the same opinion but let me offer another opinion. Currently if you have cancer and need $200,000 worth of care medicare pays. If you develop Alzheimer's and need $200,000 worth of care medicaire will not pay. Why does one disease qualify and not another. Wealthy Americans hire expensive tax attornies to help pass assets down to the next generation without paying one penny in taxes. Why should all the tax breaks belong to the rich.

Presently nursing home care runs around $70,000 per year. If a middle class American requires such care for even 5 years that would cost them $350,000. How many families can afford such payments. Currently I say take advantage of the laws the way they are written. If they remove this possibility from middle class Americans, they should be fair and remove the tax breaks from the extremely wealthy as well.

I wrote this post to see if anyone else was in this position. I have been doing my research and think I understand Medicaid trusts better than before and just wanted to see who else had been using one.

Andy
Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us