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 »
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:
2018 Medicaid Update
Commencing January 1, 2018, there are new Medicaid amounts reflecting Medicaid eligibility. This is the second of a four-part series of updates for 2018. 2018 Asset and Income Allowances One Person Two People Income Level *including $20 unearned income disregard $ 862 $ 1,253 Medicaid Resource Level $ 15,150 $ 22,200 2018 Medicaid Transfer Rates… 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 »
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 »
Should Tom Hanks be my Health Care Proxy?
As Elder Law attorneys we are keenly aware of the many serious issues that impact the senior citizen population. We take great pride in being advocates for our senior clients and strive to educate our clients and the general population on these issues. Time and time again, our senior citizens and their families face… Read More »
Free Educational Elder Law Seminar in Long Beach
Join Us For An Upcoming Seminar Keeping it Simple: Elder Law 101™ – The Four “Must Have” Legal Documents – Planning for Long-Term Care (Medicaid) – How You Can Protect Your Residence – How to Protect Your Life Savings Thursday, June 14th 12:00 – 1:30 PM (Lunch will be served) Billy’s Beach Café 222… Read More »
Free Educational Seminars on Elder Law
Join Us For An Upcoming Seminar Keeping it Simple: Elder Law 101™ – The Four “Must Have” Legal Documents – Planning for Long-Term Care (Medicaid) – How You Can Protect Your Residence – How to Protect Your Life Savings Wednesday, May 30 12:00 – 1:30 PM (Lunch will be served) Billy’s Beach Café 222… Read More »
Am I Eligible for Community Medicaid ?
OK, you have done your Google search. You read about Community Medicaid but you don’t believe that your loved one qualifies because they have too much money in the bank, their income is too high, or both. In order to be eligible for Medicaid Home Care (Community Medicaid) services you must meet the following criteria:… Read More »
Does Social Security Recognize a Power of Attorney?
Social Security and Supplemental Security Income (SSI) benefits are incredibly important for many senior citizens and individuals with special needs. It can be devastating if there is a disruption in these benefits of any kind. In order to avoid disruption or mitigate any issues regarding these federal payments, it is important to make sure that… Read More »
What is a Life Estate?
When discussing Medicaid planning, the phrase, “life estate” is sometimes mentioned, but what does it mean? A life estate is a form of joint ownership on a property that allows one person to remain in the home until his or her demise. Upon his or her death, the house passes to the other owner. Life… Read More »
Why Gifting Your Home to Protect it Against Medicaid May Not Be the Best Option
Due to strict Medicaid eligibility rules, you may be nervous about losing your home should you need to enter a nursing home and apply for Medicaid. Without guidance, many have the idea to transfer their home to their children. However, this is usually not the best way to protect it. Although you do not have… Read More »
What is a Living Will?
A living will is a document that sets forth your wishes concerning the extent of medical care you want to receive. It operates during your lifetime if you become unable to communicate your wishes at the time a healthcare decision must be made. For example, many people direct that if they are in a permanent… Read More »
IRS and Department of Treasury to Withdraw Regulations Restricting Tax and Estate Planning Options
On October 4, 2017, the U.S. Department of the Treasury announced that it is recommending the complete withdrawal of the proposed regulations under Section 2704 of the Internal Revenue Code, which would have placed restrictions on liquidation of an interest for Estate, Gift and Generation-Skipping Transfer Taxes had they been adopted. These regulations, which were… Read More »
Exception to the Medicaid Penalty: Gifting to a Loved One in Need
It is generally known that if you make a gift to your child (or pretty much anyone, with a few exceptions) and then need to go into a nursing home within five years, Medicaid will penalize you for the gift. The general rule is that if you (or your spouse) need nursing home care within… Read More »
3 Reasons to Avoid Probate
When a person dies, his or her estate may need to go through probate. If the decedent leaves a will directing how his or her property should be distributed after death, the will must be submitted to the probate court so that it can be approved as a valid document. During this process, all of the… Read More »