An old fashion approach to estate planning with a disabled child was to disinherit the child and leave the estate to the other child(ren) who would then “take care of” their sibling. Time and experiences have exposed the pitfalls and dangers of such planning. Even with the most trustworthy siblings and the best of intentions, … Read More
Do I Have to Transfer Everything into a Medicaid Asset Protection Trust?
Some people are aware of the concept of Medicaid planning but are very reluctant because they are not ready to transfer their assets into a trust or as some put it, “give all their assets over to their children.” Medicaid planning is not all or nothing. A Medicaid Asset Protection Trust is an irrevocable trust … Read More
Who inherits my estate if I don’t have a will?
Over your lifetime, you probably have accumulated a variety of worldly possessions. Your possessions may include a house, apartment, or multiple properties, a car, boat, or additional vehicles, money in the bank and maybe even under the mattress, investments of all kinds, retirement accounts, corporate interests, artwork, jewelry, a coin or stamp collection, and so … Read More
What is the difference between SSI and SSDI?
The Social Security Administration has two programs under which a person with a disability can receive a monthly check to help with the cost of their living expenses. One such program and form of disability payment is called Social Security Income (SSI) and the other is known as Social Security Disability Income (SSDI). Often, people … Read More
Update! Medicaid Community Care Lookback Further Delayed
October 2022 Update Update on the Community Medicaid Lookback! New York State Department of Health has announced that it will not be implementing the Community Medicaid 30-month lookback earlier than March 31, 2024. In alignment with the requirements under the American Rescue Plan Act relating to Home and Community Based Services, as well as the … Read More
Dealing with an Estranged Child in Your Estate Plan
Dealing with an Estranged Child in Estate Plan Under New York State law, a child is a default beneficiary of a deceased person’s estate. However, as long as you have mental capacity, you can create an estate plan directing the distribution of your estate to whomever you wish. Cutting your child off in your will … Read More
Upon the Death of a Parent of a Child with Special Needs
While unpleasant to think about, avoiding this topic will be much more unpleasant to deal with in the long run. Parents are often the bedrock and support of children well into their adult years. The death of a parent irrespective of a child’s age can be painful and difficult. The death of a parent is … Read More
What is the difference between a Medicaid Asset Protection Trust and a Pooled Income Trust?
Medicaid has strict limits on the amount of money a Medicaid applicant and his or her spouse can have (resource limit) in order to qualify for Medicaid long term care benefits, as well as specific income limits while receiving services. (See Medicaid Eligibility Limits for specific figures.) In New York State, Medicaid Asset Protection Trusts … Read More