Elder Law Articles

Read articles about Elder Law Law in the USA.

What happens to your house when you enter a nursing home?

14 October, 2020

Elder Law Articles

When someone enters a nursing facility for long term placement, there are several ways the Chronic Medicaid program can treat the primary residence. Usually the primary residence is a “countable asset” for the Medicaid applicant and needs to be sold. However, there are some exempt transfer and planning techniques that can preserve the primary residence. Continue reading →

Does your Community Medicaid Move with You?

24 November, 2020

Elder Law Articles

Community Medicaid, also known as homecare Medicaid, is not limited to care in one’s current home. A person is eligible for Community Medicaid so long as they reside in New York, do not require a skilled nursing facility, and meet the financial eligibility requirements. Continue reading →

Community Medicaid for Two

24 November, 2020

Elder Law Articles

When both spouses need long term care, they can apply together for Community Medicaid provided that they qualify as a “dual applicant.” As a couple applying for Community Medicaid, the spouses cannot have more than $23,100.00 in total countable resources. This typically includes bank accounts, brokerage accounts, non-qualified annuities, stocks, bonds and cash value of life insurance policies. The primary residence is exempt and the applicants may have qualified (retirement) accounts in any amount assuming distributions are being taken on a monthly basis. Finally, an irrevocable pre-arranged burial account in any amount is an exempt asset for each applicant. Continue reading →

Immediate Need Medicaid: The Fastest Route to Homecare Services

18 December, 2020

Elder Law Articles

Immediate need Medicaid is an expedited application process to receive long term care at home paid for by Medicaid. Unlike the standard Medicaid application process, which can take approximately 6 months to receive services, those applying for immediate need Medicaid tend to receive care at home within one month of applying. Continue reading →

Don’t Fall over the Estate Tax Cliff

13 January, 2021

Elder Law Articles

New York State has an estate tax “cliff”, which means that if an estate exceeds 105% of the New York estate tax exemption then the estate will receive absolutely no exemption from New York estate taxes and the entire value of the estate is subject to New York’s estate tax. Since the 2021 NYS exemption amount is $5.93 million, estates larger than $6,226,500 are subject to New York State estate tax rate. The New York estate tax rate ranges from 5% to 16%. This estate will receive absolutely no exemption from New York estate taxes. Hence the necessity to avoid the dreaded estate tax cliff, if possible. Continue reading →

Can I Transfer My Home if I am on Community Medicaid?

24 February, 2021

Elder Law Articles

Now more than ever it is important to consider your estate planning and the reality that if you apply for Community Medicaid in the future, you will be subject to a thirty-month lookback. By setting up a properly funded Irrevocable Trust and getting through the thirty -month time period, you will ensure that assets held in the trust are protected. If you are considering applying for Community Medicaid for yourself or your loved one, an application should be submitted as soon as possible prior to the enforcement of the new legislation. Continue reading →