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
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
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
Why You Should Protect Your Home When You Are On Medicaid
So you have successfully applied and been approved for Medicaid. Your assets are below the resource limit, and you have joined a pooled income trust to preserve your monthly income above the Medicaid limits. Why would you need an elder law attorney now? In order to qualify for Medicaid long-term care services, there are strict … Read More
Update! Medicaid Community Care Lookback Further Delayed
Implementation of the new lookback in that will apply to Medicaid applicants in New York State seeking community based long term care services, such as home care or assisted living, has been delayed several times during the Coronavirus Pandemic. Although it was last expected to be implemented on April 1, 2021, it has now been … Read More
