As we age, we may begin to consider ways of protecting our assets from long term care costs by transferring them to our children. It is important not to rush into any decision without speaking to an estate planning attorney because the legal and tax consequences of doing so are profound.  As we discussed in […]

Clients often call me asking whether transferring their home to their children is a good idea. Their goal is to make sure their house is protected in the event they need long-term care Medicaid, whether that be home care or nursing home care. Among the different options, including irrevocable trust, is a life estate deed. For […]

When a client asks me if they can qualify for Medicaid in New York, I ask about their assets, income, living situation, and health. Some clients they may be able to qualify rather easily. Others may need to engage in some planning in order to qualify for Medicaid. Yet others automatically assume that they can […]

Ideally, we would like to always have the mental and physical ability to make our own financial and health related decisions. In the event that we can not, an estate planning attorney can assist by preparing advance directives such as health care proxies, living wills, and powers of attorney, so that we can appoint trusted […]

I often receive phone calls from potential clients asking whether, as an estate planning and elder attorney, I recommend that they add their children as co-owners to the deed of their house, co-op, or condominium. The callers are usually concerned with avoiding probate or protecting their home from Medicaid if they need long term care. […]

As we had discussed in a prior article, a statutory short form durable power of attorney (“POA”) is an important document which every New Yorker should consider. To recap, a POA allows any agents you select, typically your spouse and/or children, to make financial decisions for you. This can be crucial if you are sick […]

Medicaid nursing home care is a means-based program, which means that the government looks at your income and assets to determine eligibility. Since you can’t gift away your assets and qualify for nursing home care for up to 5 years, elder law attorneys need to find creative legal ways for over-resourced seniors to qualify for […]

As we discussed in the previous article, in order to avoid Medicaid liens and estate recovery, elder law clients would be well advised to learn about their rights to protect their homes. This is true whether they need Medicaid home care and wish to avoid estate recovery, or whether they are planning for nursing home […]

When it comes to long term care for seniors, our office recommends long term care insurance as the first choice. If that is not an option, planning for Medicaid becomes an important component of many families’ plans. While Medicaid allows seniors to own a home and still qualify for benefits, it is important to understand […]

Many New York City residents who are in need of community Medicaid services such as home care, adult day care, or prescription drugs find that they exceed New York Medicaid’s income allowance, of $800 a month (plus a $20 personal needs allowance) in 2013. Many seniors receive social security, pension, and investment income which easily […]