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 »
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 »
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 »
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 »
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 »