The CPA Journal Online May 1991Protecting the assets of elderly clients.by Huber, Ezra THE NECESSITY FOR TRANSFERRING PROPERTY .....Generally, in order to protect the assets of an older client, he or she must be counseled to transfer them. There are two basic methods of transfer: 1) outright to a donee; or 2) in trust with the lifetime enjoyment reserved for the donor and the remainder transferred to the donee upon death. Each has its own unique tax consequences. Both methods, however, might result in an ineligibility for Medicaid for a certain period of time. http://www.nysscpa.org/cpajournal/old/10755280.htmSWR chatter important but this will save you and your beloved a lot more money.Saw a ton of this going on a few years ago when became involved with a retiree's care. Really no secret, done all the time, quite simple. Of course when the pigs allow some animals to protect assets, other less equal animals will pick up the tab, per standard redistributive policy.But as the pigs inform us, some animals are far more equal than others. So, it's all legal, and once you make the necessary arrangements to shelter your assets, the informed animal will go back to whining about how awful the tax burden imposed by the pigs is. "Something should be done" and "liberals" are often used to express distaste for the pigs and their confiscatory pig tax policies.As Winston Churchill said, "Somebody should do something about the pigs".
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