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Stocks are opening higher on Wall Street after several big-name U.S. companies posted strong results for the third quarter.

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Boston, MA (PRWEB) August 21, 2012

In the majority of states throughout the United States, including Massachusetts, New Jersey, and California, a judge can sentence prison time to an adult child with resources who chooses not pay for their parents care. While these laws have been around, they were never enforced. States are now leveraging them to attack children with assets, but without Irrevocable Trust asset protection planning, in order to collect on their parent’s health care and nursing home bills.

Prison is still unlikely, but parents’ could easily cost their child their life savings. 29 states are now demanding children pay if their parents become unable to afford it. States are trying to find ways to save money and with Medicaid becoming an exploding part of their budgets, they are now using unenforced Falial laws to collect from adult children. It is going to become much more common, explains Rocco Beatrice, Managing Director of Estate Street Partners. “It is not going to stop there, however. Now that they have successfully litigated these cases, the floodgate will now open and I expect Medicaid to follow suit in most cases over $ 75,000.”

How This Affects Children with Aging Parents

Nursing home care can cost $ 100,000 a year. If mom is in a nursing home for 4 years with assets of 55,000 and she didn’t do Medicaid Asset Protection planning, she will have spent everything in a few months. After she passes the children will now be hit with a bill from the nursing home for $ 345,000. The bill is ignored because, even though asset protection planning was implemented incorrectly, the child believes the nursing home cant come after assets for a parents bills, right? The nursing home and Medicaid take the child to court under a filial responsibility law, making all of their financial statements a public court record for the world to see and ultimately winning a judgment for $ 345,000. Don’t think it can happen? It just did.

Dozens of cases are setting a new precedent on this issue. John Pittas of Pennsylvania didnt think it was his problem either, but the PA Appeals Court disagreed. They ruled that his mothers nursing home could go after John for the $ 93,000 bill. Additionally, all of Mr. Pittas financial information is a public record due to this case. How does one avoid this from happening? Stopping care when mom runs out of money and losing entire retirement savings are not realistic options for most.

Mr. Pittas had the money to pay, but defendants that won cases after being attacked by their state had insufficient assets to pay; reinforcing this fact: states’ expect the child to pay if they can. The best way to avoid having to foot the bill is to plan ahead, urges Mr. Beatrice. Only about half of adults have done estate planning, and 80% of those plans wont help. One must understand the difference between a revocable vs. irrevocable trust; asset protection is not gained with a revocable living trust. They only avoid probate; that doesnt help here. The threat of having to pay for your parents care can be easily alleviated by simply using the right type of high-quality trust; all trusts are not all the same.

With so many threats to your savings, including these filial responsibility laws, typical estate planning offers very little protection. With a expert-crafted Irrevocable Trust, one can enjoy their savings without losing sleep over what could happen, clarifies Mr. Beatrice.

About Estate Street Partners (UltraTrust.com):

Assets can be protected from frivolous lawsuits while eliminating your estate taxes and probate, and also ensuring superior Medicaid asset protection for both parents and children with their Premium UltraTrust

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Shares of sustainable-energy company Amyris Inc. slumped Wednesday after its second-quarter results disappointed Wall Street.

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healthreform.kff.org Health care reform explained in “Health Reform Hits Main Street.” Confused about how the new health care reform law really works? This short, animated movie — featuring the “YouToons” — explains the problems with the current health care system, the changes that are happening now, and the big changes coming in 2014. Written and produced by the Kaiser Family Foundation. Narrated by Cokie Roberts, a news commentator for ABC News and NPR and a member of Kaiser’s Board of Trustees. Creative production and animation by Free Range Studios. Also let the YouToons illustrate how health insurance coverage will work under reform. Visit: healthreform.kff.org

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healthreform.kff.org Health care reform explained in “Health Reform Hits Main Street.” Confused about how the new health care reform law really works? This short, animated movie — featuring the “YouToons” — explains the problems with the current health care system, the changes that are happening now, and the big changes coming in 2014. Written and produced by the Kaiser Family Foundation. Narrated by Cokie Roberts, a news commentator for ABC News and NPR and a member of Kaiser’s Board of Trustees. Creative production and animation by Free Range Studios. Also let the YouToons illustrate how health insurance coverage will work under reform. Visit: healthreform.kff.org
Video Rating: 4 / 5

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healthreform.kff.org Health care reform explained in “Health Reform Hits Main Street.” Confused about how the new health care reform law really works? This short, animated movie — featuring the “YouToons” — explains the problems with the current health care system, the changes that are happening now, and the big changes coming in 2014. Written and produced by the Kaiser Family Foundation. Narrated by Cokie Roberts, a news commentator for ABC News and NPR and a member of Kaiser’s Board of Trustees. Creative production and animation by Free Range Studios. Also let the YouToons illustrate how health insurance coverage will work under reform. Visit: healthreform.kff.org
Video Rating: 4 / 5

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healthreform.kff.org Health care reform explained in “Health Reform Hits Main Street.” Confused about how the new health care reform law really works? This short, animated movie — featuring the “YouToons” — explains the problems with the current health care system, the changes that are happening now, and the big changes coming in 2014. Written and produced by the Kaiser Family Foundation. Narrated by Cokie Roberts, a news commentator for ABC News and NPR and a member of Kaiser’s Board of Trustees. Creative production and animation by Free Range Studios. Also let the YouToons illustrate how health insurance coverage will work under reform. Visit: healthreform.kff.org
Video Rating: 4 / 5

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healthreform.kff.org Health care reform explained in “Health Reform Hits Main Street.” Confused about how the new health care reform law really works? This short, animated movie — featuring the “YouToons” — explains the problems with the current health care system, the changes that are happening now, and the big changes coming in 2014. Written and produced by the Kaiser Family Foundation. Narrated by Cokie Roberts, a news commentator for ABC News and NPR and a member of Kaiser’s Board of Trustees. Creative production and animation by Free Range Studios. Also let the YouToons illustrate how health insurance coverage will work under reform. Visit: healthreform.kff.org
Video Rating: 4 / 5

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Health Reform Explained Video:

healthreform.kff.org Health care reform explained in “Health Reform Hits Main Street.” Confused about how the new health care reform law really works? This short, animated movie — featuring the “YouToons” — explains the problems with the current health care system, the changes that are happening now, and the big changes coming in 2014. Written and produced by the Kaiser Family Foundation. Narrated by Cokie Roberts, a news commentator for ABC News and NPR and a member of Kaiser’s Board of Trustees. Creative production and animation by Free Range Studios. Also let the YouToons illustrate how health insurance coverage will work under reform. Visit: healthreform.kff.org
Video Rating: 4 / 5

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Get money out of politics! Sign this petition if you think your democracy has been hijacked by lobbyists, this is not a partisan issue: www.getmoneyout.com This movement is not about left & right, it’s about the fact that lobbying has corrupted the democratic system. We can all agree on this issue and there’s no need to be fragmented by partisan ideology. How not to get co-opted: Lessons from an ex-tea partier-www.reddit.com Declaration of the Occupation of New York City: As we gather together in solidarity to express a feeling of mass injustice, we must not lose sight of what brought us together. We write so that all people who feel wronged by the corporate forces of the world can know that we are your allies. As one people, united, we acknowledge the reality: that the future of the human race requires the cooperation of its members; that our system must protect our rights, and upon corruption of that system, it is up to the individuals to protect their own rights, and those of their neighbors; that a democratic government derives its just power from the people, but corporations do not seek consent to extract wealth from the people and the Earth; and that no true democracy is attainable when the process is determined by economic power. We come to you at a time when corporations, which place profit over people, self-interest over justice, and oppression over equality, run our governments. We have peaceably assembled here, as is our right, to let these facts be known. They
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