Commencing January 1, 2019, there are new Medicaid amounts reflecting Medicaid eligibility. 2019 Asset and Income Allowances One Person Two People Income Level *including $20 unearned income disregard $ 879 $ 1,287 Medicaid Resource Level $ 15,450 $ 22,800 2019 Medicaid Transfer Rates for Nursing Home Care Monthly Rates Nassau and Suffolk Counties $ 13,407 New… Read More »
Posts Categorized: Elder Law
Featured Post:
Featured Post:
May is National Elder Law Month
Although the month of May is typically known for its celebration of Cinco de Mayo, Mother’s Day, the Kentucky Derby, and Memorial Day, May is also known as “National Elder Law Month.” In 1963, President John F. Kennedy declared May to be Senior Citizens Month to honor those who are 65 and older. Since then… Read More »
Featured Post:
You Don’t Need to Travel to Our Office to Get Help
Unless you have a crystal ball, it’s impossible to predict what the future holds. Should you become unable to make your own decisions, it is imperative to appoint someone to take care of your affairs and make healthcare decisions on your behalf. Additionally, in order to ensure that your assets are passed on to your… Read More »
When Should I Update My Estate Plan?
Many clients will ask the question, “When should I update my estate plan?” The answer is usually, whenever something big happens in your life. All too often, clients will execute a Durable Power of Attorney, a Health Care Proxy, a Living Will, and a Last Will and Testament and believe they no longer need to… Read More »
Can a Bank or Mortgage Lender Call In the Mortgage if…?
… My spouse died, and I am the surviving tenant by the entirety of our house? … My parent died, and I am the surviving joint tenant of our house? … I inherited a house from a relative and now reside in it, and have been making the monthly mortgage payments? … I transferred my… Read More »
No, Your Living Will is NOT a DNR
Many individuals who seek counsel in our office come in ready to talk about a DNR (Do Not Resuscitate). They believe it to be a document that allows them to forgo life support in the event of a catastrophic event. However, the document which lets an individual express their wishes to refuse treatment in the… Read More »
“Per Stirpes”, “By Representation”, “Per Capita”-What Do They Mean?
If you die without a Last Will and Testament or a Trust, the New York State laws of intestacy will govern the disposition of your property to your “distributees”, your closest living blood relatives (in priority order). However, if you execute a Last Will and Testament or a Trust, you can control the disposition of… Read More »
What if I Have a Contract to Reduce My Property Taxes, But I Want to Sell My Home?
A constant concern here on Long Island is the continued increase in Property Taxes and the ever-increasing cost of living. The application for state program real estate tax exemptions (such as Basic STAR, Enhanced STAR or Veterans exemptions) may help to ease the burden, but there are instances where homeowners may not be eligible for… Read More »
Can I get 24-hour Home Care?
With the Home Care industry already struggling to maintain proper staffing, and Medicaid restructuring their payment system a few years ago, the idea of getting 24-hour coverage by paying privately or through Medicaid has become cumbersome. As a result of a recent ruling focusing specifically on the wages that should be paid to a live-in… Read More »
Who can help with the sale of my house from my Trust?
When advising clients regarding Medicaid asset protection planning, it is common to recommend the transfer of their residence (and other properties they may own) to a Medicaid Asset Protection Trust (“MAPT”). After five years, the trust assets would not be considered an available resource for purposes of determining Medicaid eligibility. One of the most frequently… Read More »
The Right of Election of a Surviving Spouse
The Right of Election of a surviving spouse of a New York decedent has been in existence since September 1, 1930. Prior to the enactment of New York’s Right of Election law, a surviving spouse possessed dower and curtesy rights. Today, if a surviving spouse inherits less than one-third of the net estate, the surviving… Read More »
Your Guide to Fiduciary Income Tax Returns (Form 1041)
The IRS recently issued Revenue Procedure 2018-57 providing a glimpse at the tax brackets and rates to be used for 2019 tax returns (which would generally be filed in April 2020), including the tax rate tables for trusts and estates. The 2018 and 2019 tax brackets for are compared below: Trusts and Estates Percent Tax… Read More »
New VA Pension Rules
Check out Kim N. Christian, Esq.’s Article on the New VA Pension Rules in the Latest Issue of The Nassau Lawyer! “As of October 18, 2018, the Department of Veterans Affairs (VA) Pension Rules have changed in a significant way. There are several areas of the rules that were affected, including financial net worth, asset transfers and medical expense… Read More »
2019 Medicaid Levels Released
The New York State Department of Health recently issued General Information Statement (GIS) 18 MA/15 which sets forth several of the 2019 Medicaid figures. Here are a few of them (as compared to 2018) – Minimum Monthly Maintenance Needs Allowance (“MMMNA”) – $3,160.60 ($3,090) Community Spouse Resource Allowance (“CSRA”) – $126,420 ($123,600) Resource limit… Read More »
What is a “Grantor Trust”?
In the simplest terms, a Grantor Trust is a trust that authorizes a grantor (the person who set up the trust) to retain certain powers with respect to the property transferred to the trust and the trust administration. These powers can include the power to revoke, amend, or terminate the trust, and the power to… Read More »
“Why on earth is my will so long?! All I wanted was a simple Will!”
The Two Types of Trusts You Need That Make Your Will So Long Recently, a client called me in a bit of a panic. She had just received the drafts of her Will and was shocked to see that it was thirty pages long! She didn’t understand why and told me all she wanted was… Read More »
Why the Durable Power of Attorney is critical for Medicaid Planning
John Smith, who has dementia, need nursing home care at $160,000 per year. His two children, Chris and Danielle, have no access to his bank checking account and his other assets because there is no Durable power of attorney in place. He owns a two family home which his daughter lives with him the past… Read More »
Ten Tax Tips for a Deceased Taxpayer’s Final Form 1040
Losing a loved one is difficult. When preparing and filing a deceased taxpayer’s final Form 1040 (U.S. Individual Income Tax Return), it is important to consider more than just who can sign the tax return on behalf of the deceased taxpayer. So, here are ten tax tips for the preparation and filing of a deceased… Read More »