Category Archives: Medicaid Planning
Medicaid Asset Protection Trusts
Many people recognize the importance of implementing traditional estate planning techniques such as having a will or revocable trust, executing a durable power of attorney and preparing advance health care directives. But advance planning for long term care (LTC) in a nursing home often doesn’t get the attention it should. Without proper planning, a mere two-year period of… Read More »
When Not To Gift
One of the commonly misunderstood (or perhaps unknown) issues to be considered with regard to the gifting/transferring of one’s property is the issue of “step-up in basis.” Internal Revenue Code §1014(a) provides that the cost basis of property for the person acquiring same from a decedent is the fair market value (FMV) of the property at… Read More »
Medicaid Estate Recovery
When applying for Medicaid benefits, you will become educated on the various exempt assets you are allowed to own, while still qualifying for Medicaid. Typically, your most valuable exempt asset is your primary residence/home. As of January 1, 2019, a Medicaid applicant/recipient can own a primary residence with an equity value up to $878,000, and still… Read More »
Why You Need A Statutory Gift Rider
While many people may have a general understanding that a durable power of attorney (POA) allows a person to appoint an agent to take care of their finances, various issues can arise if the POA is not properly prepared and/or executed. One such issue often arises regarding the Statutory Gifts Rider (SGR), which is essential for… Read More »
SECOND MARRIAGES BRING CHALLENGES IN ESTATE PLANNING
The complexities attending second marriages often times require special attention, particularly if there are children from a prior marriage, significant age differences or medical conditions, or if one spouse has substantially more assets than the other. Like most people, you may want to assure your new spouse is provided for in the event you pass… Read More »
WILL YOUR ANNUITY MAKE YOU INELIGIBLE TO RECEIVE MEDICAID BENEFITS?
Annuities are often used to produce a monthly stream of income for a fixed period or even for life. Many people use annuities as a form of retirement account to provide a stream of income in their golden years. However, if your annuity is not properly created it may prevent you or your spouse from… Read More »
New York State Department Of Health Issues New Administrative Directive Related To Expedited New York Medicaid Eligibility For Personal Care Services And Consumer Directed Personal Assistance Services
On July 1, 2016 The New York State Department of Health issued Administrative Directive 16 OHIP / ADM-02 setting forth the requirements and procedures for expedited Medicaid eligibility determinations for New York Medicaid applicants/recipients who have an “immediate need” for Personal Care Services (PCS) or Consumer Directed Personal Assistance Services (CDPAS). This Administrative Directive is… Read More »
Advanced Planning With Medicaid Asset Protection Trusts
Many people recognize the importance of implementing traditional estate planning techniques such as having a will or revocable trust, executing a durable power of attorney and preparing advance health care directives. But advance planning for long term care (LTC) in a nursing home often doesn’t get the attention it should. Without proper planning, a mere… Read More »