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What to Know Before Adding a Child to Your Home Deed
Adding a child’s name to your deed can have significant consequences, particularly if you later need nursing home care and apply for Chronic Medicaid. Medicaid eligibility rules are complex, and transfers of property can directly affect whether benefits are approved.
The Consumer Directed Personal Assistance Program allows those who need a caregiver to recruit and hire someone of their choice to assist them with daily needs.
While a life estate deed is one of the tools in the estate planner’s belt, it is not the answer for everyone. As with any planning, the best option will depend on the goals, concerns and people involved.
Protecting one’s home in a Medicaid Asset Protection Trust (MAPT) is a common planning tool.
The biggest concern that most have when they are in need of long-term nursing home care is that their primary residence will not be protected. This may or may not be true.
Each year, there are slight adjustments to the financial eligibility requirements of Community Medicaid for adults receiving the assistance of a home health aide.
Starting in March 2025, New York State will be condensing down to one Fiscal Intermediary (FI) from the over 600 FIs that currently operate in this arena.
Understand the difference in look-back rules for Community Medicaid and Nursing Home Medicaid in New York, including rules regarding possible penalties.
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 (“MAPT”) 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.
