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
Five Ways Your Property Might Be Distributed When You Die
When you die, who will get your assets? There are several ways that property is distributed when a person dies. The distribution of the property that you own at your death (your estate) will depend on several factors, including how you owned it, what legal documents you have in place, and what your state’s intestacy … Read More
Annual Federal Gift Tax Exclusion Amount and Medicaid Lookback Period
Myth: If my annual gifts are under the annual federal gift tax exclusion amount, then no penalty can be imposed by Medicaid when I later need a nursing home or home care services. Fact: That is absolutely incorrect. Medicaid and the IRS treat “gifting” very differently and the two concepts are completely independent from one … Read More
Changes to the New York State Power of Attorney Law Are Now in Effect
Changes to the New York State Power of Attorney Law are now in effect as of June 13, 2021. On December 15, 2020, changes to the New York General Obligations Law in relation to the statutory short form Power of Attorney were signed into law, with the effective date of June 13, 2021. The new … Read More
