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Effective IMMEDIATELY, New York State has "EXPANDED" Medicaid Estate Recovery.
- Life Estates
- Revocable Trusts
- Certain Irrevocable Trusts
Everyone with a Life Estate or Irrevocable Trust needs to take action to ensure that their assets are protected.
The time to act is NOW!
- Contact us Immediately for a Consultation
- Attend one of our Free Seminars
- Participate in our Free Webinars
Many seniors have Powers of Attorney, but do you have the right one? This is a very important question because no one has the right to make financial decisions for you, unless you have legally appointed a person with the authority to act for you. The best way to give that legal authority is by executing a Comprehensive Durable Power of Attorney.
Family Comes First 2010 Fall Season
The moment has arrived.....
The Fall 2010 Season of Family Comes First™ Exclusively on Telecare TV
Cablevision, Channel 29 and 137 / Verizon FiOS TV, Channel 296
Family Comes First 2010 Fall Season
The moment has arrived.....
The Fall 2010 Season of Family Comes First™ Exclusively on Telecare TV
Cablevision, Channel 29 and 137 / Verizon FiOS TV, Channel 296
A Break Thru - On Reverse Mortgages
Seniors want to live at home and independently and why not? In our experience, the most important and valuable asset is one's home. So, how does one protect the home while also accessing Medicaid for long term care and a Reverse Mortgage for living expenses?
Ask The Expert
Thanks to Lynn Brenner of Newsday for her column, Ask the Expert. On November 5, 2010, she responded to a question regarding how to protect mom's home if mom needs Medicaid nursing home care. The daughter informed Ms. Brenner that her mother is 93 years of age, in failing health and her daughter has lived in mom's house since 1995.
Thanks to Lynn Brenner of Newsday for her column, Ask the Expert. On November 5, 2010, she responded to a question regarding how to protect mom's home if mom needs Medicaid nursing home care.
The daughter informed Ms. Brenner that her mother is 93 years of age, in failing health and her daughter has lived in mom's house since 1995.
I was privileged to be asked by Ms. Brenner to provide counsel on this matter. In her column, I pointed out that the home is exempt for Medicaid eligibility purposes but subject to recovery when mom passes away. There are specific rules that allow the home to be transferred to certain people or trusts without a Medicaid transfer penalty. These transfers are referred to as exempt transfers. This would avoid the Medicaid estate recovery upon mom's demise.
Lynn Brenner then went on to point out how this could be done and the importance of Advance Directives (such as the Durable Power of Attorney and Health Care Proxy) in the event mom lacks capacity to make financial and health care decisions.
The key is to act. The home is not protected simply because the daughter is a live-in-caregiver and hence an exempt transfer can be made to her. The home must actually be transferred to the daughter while mom is alive. If a transfer is made, there are also tax consequences that must be taken into account.
For the full article, go to www.vjrussolaw.com/teamrusso/latest-news
My mom is 93 and in failing health. She has fallen twice in the past, and recuperated after 100 days in a nursing home. I've lived in her house with her since 1995. Recently, I've had to enlist a live-in attendant to care for her. What are the rules governing house ownership if she has to go into a nursing home? I have her health-care proxy.
Your mother can take legal steps that will preserve...
2010 Newsday Ask the Expert Nov 5