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Biotech / Medical : Ligand (LGND) Breakout! -- Ignore unavailable to you. Want to Upgrade?

To: lavalamp who wrote (10586)	10/31/1997 10:47:00 PM
From: Arthur Radley	Read Replies (2) \| Respond to of 32384

LAVA AND ANDY, NOT TO CONTINUE THIS LINE OF POSTING THAT MIGHT BOTH OTHER READERS, THIS is an issue that has growing implications for the elderly and probably each of us. Andy, the law is (I might be off by a thousand dollars) that you have to deplete your cash assets down to like $3,000 dollars and then you have to deplete other assets like property(you can excluded your homestead and a limited amount of land that is adjacent to the homestead). The word adjacent is very important in my case. I built my mother a home several years ago away from the major portion of her property so in essence the bulk of the estate (land) can't be protected. The only way to get around this issue and even then it has some limitations and that is to put your parents money into an annuity(which I hate and hate even more because of the new tax laws this year). I will close out this issue but let me add one final bit of information. Get yourself a Power of Attorney from your parents before they become mental incapacitated. If you wait too late it can be done but it involves lawyers and having to go to court, which only adds to the chaos going on with the parent.