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Author: rkmacdonald Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75794  
Subject: Re: Senior Financial Workshop Date: 8/9/2005 4:24 PM
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Author: ziggy29 | Date: 8/9/05 3:56 PM | Number: 47178
>> 1. Asset Protection from Nursing Homes <<

I can help you with this one. Call it "Helping wealthy older folks hide their assets by giving everything away to their kids, so they can soak the taxpayer for their care when they're perfectly capable of affording it."


Ziggy, I get your point, but I don't think you're giving this person a fair shake. It is illegal to give away assets to your kids to avoid future nursing home costs, unless it is done strictly per the gift tax laws (in which case taxes are collected). I don't think the poster is asking about any illegal means to accomplish his goal.

I am all for each person paying his own way, but I think that everyone also has the right to take advantage of any and all legal methods to minimize their taxes and expenses.

Russ
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