As you may have heard, New York State intends to implement a new lookback and related transfer penalty that will apply to Medicaid applicants seeking community based long term care services, such as home care or assisted living care. While the new rule was in place since October 1, 2020, the implementation has been delayed … 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
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
Nassau County Votes to Eliminate Property Verification Fee
The cost of protecting your home may become a bit more affordable in Nassau County. On Friday, October 1, 2021, the Nassau County legislature voted to eliminate $106 million in real estate and traffic fees. The fees to be eliminated includes the hefty $355 fee for each “tax map verification” letter required by the county … Read More
Transfer Beware. Transferring Assets to Qualify for Community Medicaid Services is Not So Simple After All.
In order to qualify for Medicaid Home Care or Assisted Livings Services, known as “Community Based Services”, a person cannot have non-exempt assets (or “resources”) greater than a specific dollar amount. In New York, for 2021 the resource limit is $15,900. Until the Community Medicaid lookback is implemented (expected to be April 2022 or even … Read More
Selling Your Home in a Medicaid Trust
Can I sell my home if I put it in an Irrevocable Medicaid Asset Protection Trust? The answer is most likely, yes. If you already have a trust, the first step is to consult with your elder law attorney and confirm that both the trust rules and your local state’s Medicaid rules. The trust should … Read More
Medicare vs. Medicaid?
What is the Difference Between Medicare and Medicaid? It is a common mistake to confuse Medicare and Medicaid. While they are both government programs for healthcare, it is important to understand the difference between them. A main difference between the two programs are the eligibility requirements and the coverage each provides in relation to long … Read More
