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What is the Difference Between MOLST and DNR?
MOLST forms and DNRs should be a topic of discussion when considering your advance directives, but it’s crucial to note that they are not legal documents.
As you may know, Medicare will pay for a patient to receive rehabilitation in a facility if they have a qualifying stay in a hospital: being admitted to the hospital for two nights.
If I don’t need money from my IRA, do I have to take distributions?
In my practice as an Elder Law attorney, clients often inquire about the benefits of gifting to reduce taxes or to qualify for Medicaid. As a senior with the unexpected need for long term care in the future, the consequences of gifting may have unexpected results.
Someone told me to avoid probate, so I have added my two children as joint owners on my accounts or put them “in trust for” my children. Does this protect my assets from Medicaid too?
Community Medicaid and Nursing Home (Chronic) Medicaid are two different programs that cover long term care. Community Medicaid will not pay for long term care in a nursing home. Community Medicaid is the program that covers care at home; such has a home health care aide.
The typical Medicaid trust is a grantor trust for income and estate tax purposes. The grantor trust rules came about after high earners tried to lower their income tax consequence by scattering their income to various trusts over which they maintained control.
The grantor trust rules came about after high earners tried to lower their income tax consequence by scattering their income to various trusts over which they maintained control. By spreading their income out, the earners were subject to the lower tax brackets.
I have three children. My son has been living with me for the past few years. I have heard that there is no reason for me to engage in any estate planning because if I require nursing home care, all of my assets can be transferred to my son. Is that correct?
Each January, the Governor of the State of New York puts out a proposed budget from which the Legislative and Executive branches will base their negotiations to determine a final budget. The budget is set to be passed by March 31; the date that marks the end of the fiscal year for the State.
I keep hearing that if I apply for Medicaid I will need five years’ worth of financial documents. Could you tell me what are the documents I should be keeping?
