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Medicaid Recertification: Why Legal Guidance Matters
Having an experienced elder law attorney overseeing the Medicaid application and recertification processes can better one鈥檚 chance of achieving and maintaining Medicaid eligibility.聽
A pooled income trust is a type of supplemental needs trust that is used to shelter the excess income of a Medicaid recipient.
Learn what a Medicaid Asset Protection Trust (鈥淢APT鈥�) is and whether or not assets in a Medicaid trust still enjoy a step-up in tax basis at death.
With 10,000 baby boomers turning 65 every day, long-term care planning has become an increasingly important issue across the United States, including in New York. As the population ages, more individuals will require long-term care services and supports, highlighting the need for prudent planning to cover future care costs. There have been recent developments in New York on Medicaid eligibility rules and asset protection strategies.
If you're a trustee of a Medicaid Asset Protection Trust (MAPT) established by a loved one鈥攕uch as a parent鈥攜ou might wonder about the tax implications of this role, especially as Tax Day approaches. It's crucial to understand the nuances of tax reporting for these trusts to ensure compliance and avoid potential penalties.
After working most of your life and finally paying off your mortgage, the last thing you want is to see the assets you鈥檝e accumulated through years of diligence fall into the government鈥檚 hands because you required long-term care either at home or in a nursing home. There is a way鈥攁 perfectly legal and legitimate way鈥攖o shield those assets and protect your children鈥檚 inheritance. But there鈥檚 no time to lose.
The amount of income and resources an individual is allowed to have when applying for Community Medicaid has changed.
Question: I had an irrevocable trust drawn up for me years ago. What are its benefits, and do I need to update it?
There is a BIG change on the horizon for asset and income limits for long term care Medicaid recipients.
When residential property is owned by a trust, the trustee may sell the property if the terms of the trust permit it. The trust would be the seller of the property and the trustee must sign the listing agreement, contract of sale and closing documents.
Medicare never covers the full cost of a skilled nursing facility. Medicare does not always provide 100 days of rehabilitation, it will pay 鈥渦p to鈥� 100 days.
