Posts Tagged ‘medicaid’
The Increasing Relevance of Estate Planning
The COVID-19 pandemic has brought about unprecedented changes to our daily lives. For many people, this relentless health crisis has raised awareness as to how fragile life can be, and has shed new light on the critical importance of planning for the unknown. One of the most important steps you and your family can take…
Read MoreEstate Planning In Times of Uncertainty
The recent outbreak of COVID-19 has many wondering if they are prepared for the unpredictable future. People are taking this time to get organized, assess their situations, and address their needs. An important part of this analysis is the need for a comprehensive and coordinated estate and asset protection plan. A comprehensive estate plan will…
Read MoreAsset Transfers That Are Exempt From Medicaid Penalties
Under the Medicaid “look back” rules, gifts made by a nursing home resident within the five-year period preceding the date of filing a Medicaid application are scrutinized by the Department of Social Services to determine the impact of those gifts on the applicant’s Medicaid eligibility. Contrary to common perception, however, not all asset transfers made during the look back…
Read MoreSpousal Refusal: A Powerful “Crisis Planning” Medicaid Technique
For many married couples of advancing age, their greatest fear is that they may be forced to deplete virtually all of their assets if one or both requires long-term care. Given that the private pay rate for nursing home costs in the Hudson Valley averages over $12,000 per month, and 24-hour home care runs upwards of…
Read MoreMedicaid Asset Protection Trust
Given the escalating costs of long-term care (Orange County nursing homes currently cost an average of almost $12,000.00 per month), not surprisingly, people are searching for ways to shelter their hard-earned assets from the potentially devastating financial effects of a lengthy stay in a nursing home. If long-term care insurance is not an option, a…
Read MoreThe Cost of Elder Care: Options at a Glance
Proactively addressing the care you may require as you age is critically important. The results of failing to plan cannot only be financially devastating and result in a lack of proper day-to-day care for yourself, it can also cause significant stress on your family and even separation from your spouse. We all know someone who…
Read MoreAn “Irrevocable” Trust May Not Be Irrevocable After All
The most common client request in my elder law practice is the desire to protect a residence and other assets from the high cost of long-term care, which in the Hudson Valley will often exceed $12,000 per month. Proactive planning requires that the client make gifts of selected assets, with such asset transfers being deemed…
Read MoreProtecting Public Benefits After Receiving an Inheritance
I recently met with a woman in her late 50’s who about ten years ago suffered a traumatic brain injury (“TBI”) that left her disabled. “Barbara,” who was divorced with no children, had an insufficient number of countable work credits and was ineligible for both Social Security Disability Insurance (“SSDI”) benefits and Medicare coverage afforded…
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