John and Mary have a house worth about $500,000.00 and about $300,000.00 in a bank account. Paul & Sue also have a house worth about $500,000.00 and about $300,000.00 in a bank account. Neither couple have long-term care insurance. Thus, they start off in the same place. However, Paul and Sue decided to place their … Continue reading “Some More Thoughts on Medicaid Asset Protection Trusts”
Category: Medicaid
Why You Should Consider Long-Term Care or Medicaid Planning Now
Long-term care costs on Long Island are ruinous for a middle-class family. Nursing home costs are north of $150,000 a year and 24/7 home care could cost you over $118,000 year. We are seeing increasing challenges with respect to obtaining Medicaid for our clients. Medicaid applications are subject to heightened scrutiny. New York State has … Continue reading “Why You Should Consider Long-Term Care or Medicaid Planning Now”
Reducing Medicaid Home Care Hours Hurts Seniors
In New York State, there are various Medicaid programs that provide home care. The Medicaid application process for home care used to be much simpler than it is today. One would simply apply for Medicaid with the local Medicaid agency and the Medicaid agency would determine financial eligibility and what services would be received. However, … Continue reading “Reducing Medicaid Home Care Hours Hurts Seniors”
MEDICAID AND THE 5-YEAR LOOKBACK RULE
Everyone has heard of the 5-year lookback rule for Medicaid. Some people think that the lookback period is 7 years; some think it is 10 years. It is actually 5 years under present law. Regardless of the actual lookback period, one thing is certain: even if you are on the threshold of needing Medicaid, there … Continue reading “MEDICAID AND THE 5-YEAR LOOKBACK RULE”
Some Thoughts on Medicaid Protection Trusts
Trusts are created for various reasons. One reason is to protect assets in the event that the individual needs long-term care (nursing home or home care). This is also known as Medicaid planning. There is no perfect plan that an attorney can give you. However, the Medicaid Protection Trust has many advantages to it. Take … Continue reading “Some Thoughts on Medicaid Protection Trusts”
Five Major Mistakes That People Make regarding Their Estate Plans
Doing Nothing John and Mary were happily married for 30 years. John loved Mary very much and he intended to draw up a Last Will and Testament. Unfortunately, he never got around to it and passed away without having one. John had an account in his sole name worth $300,000. If John had had a … Continue reading “Five Major Mistakes That People Make regarding Their Estate Plans”
Common Misconceptions About Medicaid
We all do research on the internet and can obtain useful information that way.However, when it comes to a complex topic like Medicaid, it is not advisable to proceed without expert advice. The internet is packed with generic advice that may not apply to your situation. In addition, sometimes the advice is simply bad advice … Continue reading “Common Misconceptions About Medicaid”
Important Alert for Home Care Medicaid Recipients in 2015
Over 100,000 New Yorkers who receive both Medicare and Medicaid will receive an important, time-sensitive letter from the New York State Department of Health that can have a huge impact on their medical care. This letter is being sent to individuals who receive Medicaid and Medicare under a Managed Long Term Care program (“MLTC”). The … Continue reading “Important Alert for Home Care Medicaid Recipients in 2015”
Medicaid Counts Annual Exclusion Gifts
Medicaid is a social program that is designed to pay for an individual’s long-term care when they no longer have any financial savings. Many people will try and work their financial planning so that they do not have to extinguish their money before eligibility kicks in. There is a common misconception that individuals will be … Continue reading “Medicaid Counts Annual Exclusion Gifts”
Important Court Decisions Regarding Medicaid Planning
There has been an important change in the law that may affect your Medicaid planning. An important part of Medicaid planning is gifting assets from the Medicaid applicant/recipient to other individuals or to a trust. However, we must always be mindful that such transfers will cause a penalty period with regard to nursing home Medicaid … Continue reading “Important Court Decisions Regarding Medicaid Planning”
