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What if I Don’t Want to Be an Executor?
You can renounce your right as Executor and decline to act by simply signing a Renunciation of Nominated Executor form in front of a notary.
Medicaid will pay the long-term care needs for individuals who meet certain income and asset criteria. This means that Medicaid will pay the high cost of home care or nursing home care for seniors.
The simple answer is no. So long as the house continues to be your primary residence, Medicaid cannot put a lien on the home.
The Consumer Directed Personal Assistance Program (CDPAP) allows Medicaid long term care recipients to choose their own home care attendant, including family members, rather than hiring an aide from a home care agency.
A marital trust is a type of irrevocable trust that allows one spouse to transfer assets to a surviving spouse tax free, using the unlimited marital deduction, while providing benefits not available if transferred outright. When drafting Wills for married couples, we usually include a Marital Trust to provide estate tax planning, spousal care, and Medicaid protection.
A Medicaid lien on a home must eventually be satisfied. Typically, a Medicaid lien is placed on real property when an individual is receiving benefits through the Medicaid program during his or her lifetime and still owns a primary residence.
Have you ever heard of the “5-year lookback” and wondered what people are talking about? If you have, you are not alone.
Learn estate planning techniques such as the Medicaid Asset Protection Trust, spousal refusal, and exempt transfers that can be utilized when one or both spouses need Community or Chronic Medicaid.
Giving assets away during one’s lifetime is usually done for two reasons. The first is to reduce the value of one’s estate to avoid estate taxes at death. The second is to protect assets in the event one needs long-term care covered by Medicaid.
Important changes to the Community Medicaid program in New York State were enacted in 2020. Not all of the changes have been immediate and the fate of others remains uncertain.