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: Medicaid
Featured Post:
Featured Post:
The Trump Policy Analysis Group (TPAG) – Focusing on Older Americans and those with Special Needs
The Trump Policy Analysis Group (TPAG) [1] has convened to consider probable changes in law that will affect older Americans and those with special needs. Initial TPAG focus is on entitlements, public benefits, tax, special needs planning, and veterans’ benefits. We used a three-fold analysis: stated policy (declared Trump policies and those of the Republican Congressional… 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 »
Tax Questions Answered: Do I Need to File a Tax Return for my Trust?
Question: I created an Irrevocable Medicaid Asset Protection Trust. Do I need to file a tax return for the trust? Answer: Appropriately named, a Medicaid Asset Protection Trust (“MAPT”) is a trust created to shield assets from Medicaid in order to preserve them for your family and generations to come. If properly drafted and funded,… Read More »
FAQ: #2 – Medicaid: What is the 5 year look back and how does the penalty period get calculated?
Frequently Asked Question #2: Medicaid: What is the 5 year look back and how does the penalty period get calculated? It is not uncommon for me to canvas a group of people and find out that the majority of the group has heard of the 5 year look back when it comes to applying for… 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 »
Should You Disinherit a Family Member Because They are Receiving Some Kind of Government Benefits?
One of the most frustrating things as a Special Needs planning attorney is to have someone in my office doing planning and they tell me that they need to disinherit a family member because they are receiving some kind of government benefits. Their mindset is that they are looking out for that loved one, but… Read More »
When is a gift not a gift?
As a planner, I sometimes hear things like: “I thought I could give my kids $10,000” “I’ll just sell my house to my children for $1” “Can I pay my grandson’s college tuition and not have to worry about Medicaid? “I will not give my daughter money to buy a car, I’ll just buy it… Read More »
Can I Revoke My Irrevocable Trust?
When it comes to protecting your assets from the costs of a long-term illness, such as a nursing home, the Medicaid Asset Protection Trust is a staple planning technique. It is an effective way to protect your home (and other property) as well as certain liquid assets in the event you require long-term nursing home… Read More »
Changes Coming to Medicaid and Managed Long Term Care
If you are receiving Medicaid benefits in the community (ie, getting care at home), you are probably enrolled with a Managed Long Term Care (MLTC) provider. The MLTC contracts with various home care agencies who provide the care. As part of the 2018/2019 budget, the New York State Department of Health (overseers of the program)… Read More »
Join Us For An Upcoming Seminar: 7 Steps to Medicaid Home Care
Join Us For An Upcoming Seminar 7 Steps to Medicaid Home Care During this Medicaid Home Care Services seminar we will address: – How to Qualify for Medicaid Home Care – How to Protect Your Income via a Pooled Trust – Crisis Planning with Partial Gifts for Medicaid Nursing Home Care Monday, August 27 12:00 – 1:30… 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 »
Join Us For An Upcoming Seminar: How to Qualify for Medicaid and Protect your Assets
Date: Aug 15, 2018 Time: 10:00 AM – 11:30 AM Location: Alzheimer’s Disease Resource Center Address: 45 Park Avenue, Bay Shore, NY 11706 Join Frank L. Buquicchio, JD, CELA, CAP for this Free Educational Seminar and Learn: How to Access Quality Long Term Care How to Pay for Long Term Care How to Protect your Assets and… 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 »
If I apply for Medicaid, is my home exempt?
A homestead is defined by Medicaid as the primary residence occupied by the applicant, the applicant’s spouse, or the applicant’s minor, disabled or blind child. A homestead is exempt for purposes of Medicaid eligibility under certain circumstances. The law limits that the applicant’s net equity in the home must be valued at or below $858,000… 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 »
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 »