Co-authored by Joanna C. Feldman To be eligible for Medicaid benefits in a nursing home in 2018, one may have no more than $15,150.00 in available assets. A life insurance policy with no cash value is not considered an available asset. If a life insurance policy has cash value, however, the cash value of the…

Co-authored by Joanna C. Feldman This is a question we’re continually asked, so we’re glad we have another opportunity to clear things up. The main thing to remember is this: IRS rules are different from Medicaid rules. Under current IRS rules, you may gift up to $15,000.00 to as many people as you’d like in…

Coauthored by Joanna C. Feldman We’re so glad you asked this question, which shows pervasive misinformation that causes unnecessary struggle.  Based on the facts presented, it sounds like your aunt could qualify for Medicaid, which would help pay for aides at home.  This is known as community Medicaid. To be eligible for Medicaid, one cannot have…

For many families, a good portion of their wealth exists through the equity in their home.  The home may also be the most sentimental asset as it carries many memories and emotional ties.  We often counsel clients on different planning techniques to protect the home where Medicaid is contemplated to pay for nursing home or…

Contrary to popular belief, it is never too late.  An elder law attorney can work to implement many different techniques even at the 11th hour to preserve assets.  What is important is that you have a relationship with an elder law attorney.  An elder law attorney can relieve some of the anxiety natural to this time…

  In a perfect world, everyone would craft an estate and elder care plan well in advance of having to implement it˗ but the world isn’t perfect!   I have had the opportunity to work on a fair amount of cases where clients, who had no estate or elder can plan, fell ill or became…

The tax plan put forward by the Republican-led House of Representatives would eliminate many current deductions, and getting rid of one of them in particular could deal a serious financial blow to seniors and individuals with disabilities.

I just applied for Medicaid for my mom and dad to receive home care. I don't think either of them will move into a nursing home because they have friends and family nearby. My mom is confined to a wheelchair and needs daily assistance with eating and bathing. My dad will be starting dialysis soon. My question is, will Medicaid attach itself to my parents' home if they are receiving home aid? Currently the deed is only in my dad’s name.

An attorney can help you save money in the long run as well as make sure you are getting the best care for your loved one.

Often confused, the look-back period and the penalty period are two distinct concepts in Medicaid planning.  It is important to understand the applicability of each. The look-back period is the five-year retroactive period beginning on the date you enter a nursing facility.  Thus, if you enter a nursing home on November 1, 2017, the look-back…

  For 2017, the federal lifetime estate and gift tax exemption have increased to $5,490,000.  This means that you can gift this amount over your lifetime without incurring a federal gift tax and to the extent you haven’t done so, any exemption remaining at death can be applied against the value of your estate for…

Medicaid Planning in Advance of Changes to the Healthcare System By: Salvatore M. Di Costanzo, Esq.   With Congress about to break for a two week Spring recess, the repeal of Obamacare appears to have stalled and remains uncertain.  Notwithstanding, we must pay attention to the various proposals that have been put forth by the…

The look-back period is very different from the penalty period and as always the rules are different depending on whether you are seeking Medicaid to cover the cost of homecare or nursing home care. Conceptually, the look-back period is the period where asset transfers may impact your eligibility for Medicaid. The penalty period is the…

Second to the house, an individual retirement account (“IRA”) is usually the largest asset when looking into someone’s financial portfolio. The tax and Medicaid rules dealing with IRAs are very different yet related, quite complex and often misinterpreted or misapplied. It is important to have a general understanding of these rules in order to avoid…

If there is one unavoidable consequence of life and relationships, it is that our loved ones may fall ill at some point, whether it be a parent, grandparent, child, aunt or uncle. Sometimes it could be a tragic accident or disease that affects them, and other times it is simply part of the aging process….

In Yorktown, NY and the surrounding community, I often see the homestead as the single most valuable asset of an estate. The “American Dream” is to own a home, create memories there, and one day, leave it to your children. However, without proper planning, the dream can soon turn into a nightmare if nursing home…

In a perfect world, everyone would craft an estate and elder care plan well in advance of having to implement it˗ but the world isn’t perfect! I have had the opportunity to work on a fair amount of cases where clients, who had no estate or elder can plan, fell ill or became disabled. In…

Medicaid has strict asset rules that compel many applicants to “spend down” their assets before they can qualify for coverage. It is important to know what you can spend your money on without endangering Medicaid eligibility.

This is Attorney Advertising. This web site is designed for general information only.
The information presented at this site should not be construed to be formal legal advice nor the formation of an attorney/client relationship.

Show Buttons
Hide Buttons