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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
The Coronavirus Aid, Relief, and Economic Security (CARES) Act passed a couple of months ago is mostly known for the economic relief provided to individuals and businesses. However, the new law also suspends the requirement to take required minimum distributions (RMDs) for this year, even for inherited IRAs.
As everyone is now aware, pursuant to Section 2201 of the CARES ACT, a relief payment in the form of a refundable tax credit for 2020 has been (or will be) sent to eligible individuals. The payment amount will vary depending upon income, marital status and dependents under the age of 17.
Our elder law specific estate planning sometimes involves both a revocable and irrevocable medicaid asset protection trust to provide flexibility for the unknown future. One issue that comes up is when a client enters an assisted living facility is which trust can help pay the costs of the facility.
Many individuals have heard of the trusts used in estate planning, such as an Irrevocable Trust, Income Only Trust, or Medicaid Asset Protection Trust. However, there is a trust not so commonly known, a 鈥淧ooled Income Trust鈥� which can be established by Medicaid applicants.
In light of the COVID-19 closing of non-essential workplaces and the reduction of staff members in essential ones, the New York State Department of Health has adjusted the requirements for Medicaid applications and assessments during this time.
After what we were told were long negotiations and deliberations between Governor Andrew M. Cuomo, the Legislature of the State of New York, and their staff-persons, the Fiscal Year 2021 New York State Budget passed at 3 a.m. on April 3, 2020. As a result, some changes will be made to the Medicaid Managed Long Term Care program.
Question: Do I need to hire an attorney to complete a Medicaid application for my dad? He has some assets in his name, including his primary residence, which I have heard is automatically protected from Medicaid.
While the beginning of the year is typically tax season, it is important to remember that property tax exemptions can be applied for at this time. There are different programs that homeowners should be aware of in order to potentially save with respect to property taxes.
Question: Will my Social Security deposit increase in the New Year?
