What do Lawyers never tell you about protecting your will?

Question

In this past Sunday's issue of Parade magazine, on page 8, it spoke about finacial security when you get older and how anyone can lose everything when someone is in a nursing home, or long term health care is needed. They offered a book called, "How To Protect You Fincial Security When You Get Older", it states you cannot get it at any bookstore, yu have to order it through the publisher. Just wondering if this is real, or a scam? Can an older individual lose everything, all their life savings, house, assets, etc? It also states how you cannot trust a living will. It also states what lawyers never tell you about protecting your will. Anyone know the true facts about it all in NY state?

Answer 1

I'm not sure about NY, but in California this kind of advertising is a scare tactic to get you to come to their seminar or buy their book. In other words, they are sensationalizing the situation in order to drum up business. The facts of the matter are rather complicated and required a lengthy interview to explain properly.
The primary concern is the placing of the elderly person in a long term care facility where they need to pay their own way. If they cannot pay their own way, then medi-care steps in to pay for the care. When the person dies, the medi-care system comes after their house or any other asset that might still be available to reimburse the system for their expenses on behalf of the patient. In that way they can lose everything to pay for their own care and keeping. That is not entirely a bad thing. If there is no inheritance because they needed everything to take care of themselves, then so be it. However, most of us want to save some of our estate for our children or other heirs. In order to protect our assets from long term care payouts, we have to shelter them in somebody else's name. This can be done with an irrevocable trust but has to be done well in advance of the patient going into the long term care facility. In some places, you must make the transfer out of the patients name five years prior to asking medi-care for assistance. Most of us don't think that far in advance.
As for the publication, there are plenty of similar publications available without having to buy their hyper advertized product. As for a "living will", the only purpose of that document is to tell the doctors and heirs what you want in the way of extreme medical efforts to keep you alive or to let you die. The living will includes the right to die statement. You are telling your medical care provider not to administer life saving procedures if your condition is otherwise terminal and the cost or burden of the procedure outweighs the benefit derived therefrom. It has nothing to do with saving your estate. It is specious to even mention it in this discussion.
There is much to talk about. I hope this has helped a little bit.

Answer 2

OK, breathe deep. Don't panic. Now. You have the actual article, right? If you have a specific question about it, chances are very good there is an author's name and contact information at either the beginning or the end of the article.

But let's start here: they offered a book. Are you certain this was really an article, and not an advertisement? Look at it again. They are required by law to put the word "advertisement" on it, generally at the top and also often "paid advertisement" is required.

What "lawyers never tell you" is a very suspicious term. Perhaps they mean bad lawyers, or perhaps they mean things the lawyer does not know you do not know, or whatever. But no lawyer you are paying a fee to is going to do something against your interests unless he is the sort who is not able to stand the scrutiny of a review board of the Bar Association. If you've gone to that sort, try going to the Bar Association and reporting him. Short of that, resolve to ask the right questions the next time you talk to him.

The whole tone of this thing, including the "can't buy in any bookstore," reeks of the usual scam. They have, at the core, some hack writer who has put together an almost entirely useless piece of research. In general, it is material that is so biased and outdated that it is not only useless, it is intentionally deceptive. And they promote this book as the solution to all financial ills with the same skill (and very reminiscent techniques) as the snake-oil salesmen of the American frontier who had their cure for all physical ills.

Don't waste your money on people who promote like that. If they had something real, you could get it in any reputable bookstore.

Answer 3

I don't know about NY state, but here's the deal:
Long-term care can cost thousands. If you can't pay, the care provider may attempt to attach or place a lien on your assets (like your home, property, cars, etc.) Medicaid, which was originally for health insurance for the poor, has been used by "middle class" people topay for long-term care when that person no longer has assets. However, you can't just have granny give away all of her stuff to be declared indigent. There's a "look back" period in which if you've given away more than a minimal amount, Medicaid will say you're not indigent and not cover you. Thus, you're back to having assets attached by the long term care provider. You're not "losing" everything, but you may have to give up everything if your long-term care is expensive and you've not purchased long-term care insurance.


This book you're talking about probably mentions all of this. But any good estate planning attorney knows about it, too. There are SOME ways around this (like, perhaps, an irrevocable trust) that a good estate planning attorney can discuss depending upon local law and particular financial circumstances. This "book" is probably marketed as "secret" information, but like most books about government programs, is not. It may actually be giving you legal advice for a scheme that may not be legal anyway.
If you have these concerns, contact a lawyer. There are also plenty of books at bookstores related to this same issue.

Don't buy a scare tactics book marketed in Parade Magazine. Talk to an attorney, or do some research on your own at the library first.

(P.S. a "living will" has nothing to do with this--those are generally just special documents that direct whether you should not be given treatment if there's no likelihood of recovery, if the only treatment is intubated feeding and hydration, etc.)

Good luck.

Answer 4

If you question what is in your will, check with your lawyer. A lot of lawyers will help make a will but then just file it away. In order to keep your will current, you need to review it on a regular (say yearly) basis.

Yes, a person can lose everything, but only under the right circumstances. A living will is like any other will, it must be kept up to date and reviewed regularly.

Answer 5

It possibly is a scam. in case you bypass on your existence ins. agent or economic adviser they might desire to be waiting to show you how to already know what to do. An older guy or woman can lose each and every thing if the scientific costs piles up. There are various strategies around this. for existence ins: if scientific issues or a nursing residing house difficulty is foreseen on your destiny you're able to desire to alter the possession of the coverage. you do no longer would desire to alter the beneficiaries in basic terms the possession. This would desire to be executed 5 years beforehand something happens inspite of the shown fact that. A residing will can not continually be relied on. Your needs would no longer be your families needs. you're able to desire to debate a residing will with your loved ones so as that they understand what you opt for in case something does happen. wish this enables!

Answer 6

Anyone can place an ad in a magazine. For some reason it just doesn't sound right to me. I'm sure you can find out what you need to know about all that on the Net.