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Why not qualify for Medicaid coverage of nursing home care by simply transferring assets out of your name? Congress does not want you to move into a nursing home on Monday, give all your money to your children (or whomever) on Tuesday, and qualify for Medicaid on Wednesday. So it has imposed restrictions on the …
While most transfers are penalized with a period of Medicaid ineligibility, certain transfers are exempt from this sanction. Even after entering a nursing home, you may transfer any asset to the following without having to wait out a period of Medicaid ineligibility: > Your spouse (but this may not help you become eligible since the …
You may have heard that transferring assets to achieve Medicaid eligibility is a crime. Is this true? No. But what about a professional advising someone to engage in asset transfers for Medicaid planning? That is a crime, at least in the statute books. However, it has been ruled to be an unconstitutional violation of the …
Testamentary trusts are trusts created under a will. The Medicaid rules provide a special ‘safe harbor’ for testamentary trusts created by a deceased spouse for the benefit of a surviving spouse. Unlike a trust created during life for a spouse, the assets of these trusts are treated as available to the Medicaid applicant only to …
Medicaid rules provide for three ‘safe harbor’ trusts that are notable exceptions to the general trust rules. 1 The first, referred to as a ‘(d)(4) (A)’ or ‘pay-back’ trust, must be created by a parent, grandparent, guardian or court for the benefit of a disabled individual under age 65. It may be funded with the disabled …
As an elder law and disability law center, we serve the following localities: Albany County including Albany; Dutchess County including Fishkill, Poughkeepsie, and Rhinebeck; New York City including all boroughs of New York; Orange County including Goshen, Middletown, Warwick, Florida, and Tuxedo; Rockland County including Monsey, New City, and Nyack; Saratoga County including Ballston Spa, Clifton Park, and Saratoga Springs; and Westchester County including White Plains and Yonkers.
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This web site is for general information use only and does not provide legal advice. As each legal situation is unique, legal advice can only be given based on the particulars of each case and the law as it might apply to them. Disability and Elder Law often involve complex issues and challenges that requires informed decision-making. Many times this is in collaboration with spouses, partners, children or other professionals. For this reason and others, this information is solely to provide broad guidance. Our team of attorneys, Medicaid experts and support staff are available to answer questions about your personal circumstances.