Help Provide for your Disabled Loved One with a Third Party Supplemental Needs Trust
If you are disabled and a friend or family member wants to help provide for your care without endangering your Medicaid or SSI benefits, how can they help? The answer here is usually a Third Party Supplemental Needs Trust. The person providing the assets would put them directly into the trust, rather than transferring them […]
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Trusts in Elder Law and Estate Planning
Trusts are among the main workhorses of Elder Law and estate planning, and are some of its most powerful and valuable tools. They serve a number of useful purposes. Most people understand the concept of a Will, but a Trust can serve the identical function as a Will without its inconveniences, and provide significant additional […]
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NYS Community Medicaid Eligibility Will Soon be a Greater Challenge
Be Informed and Take Action Now! While almost everyone was focused on the coronavirus pandemic, the New York State Legislature, flying under the radar, took the opportunity to include new Medicaid rules in the budget. The changes will make it more difficult for New Yorkers to access Community Medicaid services. Once these changes take effect, […]
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Changes to Community Medicaid Could Have Costly Consequences
The New York State budget enacted in April 2020 made dramatic changes to the state’s Medicaid Program. Two key, and extremely consequential, changes are (a) a new 30-month “look back” for Community Medicaid services, and (b) new requirements to qualify for Medicaid personal care services. Due to the pandemic and to major modifications that will […]
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The Dog Days are Here – 6 Reasons Why Older Adults Suffer More from the Heat, and an Additional Source of Risk
As we age, our bodies change naturally, and with these changes come increased risks. Heat waves can be a serious danger for seniors, particularly those with health challenges. Here are some of the main reasons why, and some actions you can take to protect yourself during those beastly hot days. Increased Risk Factors for Seniors: […]
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Placing a Co-op in a Trust
If you are currently a shareholder in a co-op and want to implement an asset protection strategy that involves transferring your shares and proprietary lease to a trust, you will need the co-op board’s approval. This is another good reason to retain an Elder Law firm experienced in addressing these matters. If the board says […]
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Revocable Trust
Creating a revocable trust, also called a “living trust,” is a strategy that is frequently used for estate planning. It is often appealing because during the Grantor’s lifetime, he or she can be the Trustee, and retain full control over the assets in the trust. Once the Grantor passes away, any assets that remain in […]
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What exactly is a private annuity, and why do Elder Law attorneys recommend them?
The kind of annuity most people are familiar with is the kind typically sold by insurance companies. Commercially, an annuity is a contract you buy from an insurance company. You pay a lump sum up front and afterwards you receive a guaranteed stream of income. The stream continues either for a specific period of time, […]
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Medicaid Asset Transfer Rules In New York
If you think you or a loved one may need to apply for Medicaid benefits in the future, it is important to understand the asset transfer rules. Generally, gifts or transfers of money or property within the applicable “look back” period will subject the Medicaid applicant to a “penalty period” of ineligibility for benefits. The […]
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Medicaid Recertification
If you are on Medicaid, you will need to be recertified annually. The recertification process demonstrates to Medicaid that (a) you are still alive; (b) you still need services, and (c) you are still financially eligible for Medicaid. While the recertification process is far less onerous than the initial application, it does require diligence and […]
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