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
Medicaid’s Effort to Provide for the Community Spouse
When the higher income earning spouse needs nursing home care, the spouse that remains home is often concerned how they will pay his or her expenses. While not very robust in today’s economy, Medicaid does have some protections of income for the healthy spouse or what is known in Medicaid parlance as the “community spouse.” … Read More
Don’t Make This Costly Mistake: Transferring Your Home To Kids During Your Lifetime May Not Be A Good Idea
It’s not uncommon for parents to think about transferring assets, specifically their home, to their children in their sunset years. They hope to make the transition of assets smooth and easy for their children after their lifetime. Specifically, when there is more than one child, and a parent only wants one of their children to … Read More