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Can You Decline Being an Executor?
An executor holds many important duties, and often must perform these obligations while navigating the grief of losing a loved one. Furthermore, complications such as advanced age or physical distance may make it difficult to perform the tasks required.
If you're a trustee of a Medicaid Asset Protection Trust (MAPT) established by a loved one—such as a parent—you might wonder about the tax implications of this role, especially as Tax Day approaches. It's crucial to understand the nuances of tax reporting for these trusts to ensure compliance and avoid potential penalties.
After working most of your life and finally paying off your mortgage, the last thing you want is to see the assets you’ve accumulated through years of diligence fall into the government’s hands because you required long-term care either at home or in a nursing home. There is a way—a perfectly legal and legitimate way—to shield those assets and protect your children’s inheritance. But there’s no time to lose.
The amount of income and resources an individual is allowed to have when applying for Community Medicaid has changed.
Question: I had an irrevocable trust drawn up for me years ago. What are its benefits, and do I need to update it?
There is a BIG change on the horizon for asset and income limits for long term care Medicaid recipients.
When residential property is owned by a trust, the trustee may sell the property if the terms of the trust permit it. The trust would be the seller of the property and the trustee must sign the listing agreement, contract of sale and closing documents.
Medicare never covers the full cost of a skilled nursing facility. Medicare does not always provide 100 days of rehabilitation, it will pay “up to” 100 days.
A Fair Hearing is how to challenge a determination made by a local social services agency (“Agency”). An Administrative Law Judge from the New York State Office of Temporary and Disability Assistance Office (“OTDA”) precedes over the hearing.
Community Medicaid is a government funded, need-based program that cover’s long term care services in one’s home. This means that recipients who qualify can have a home health aide help them in their home.
Change is coming! The New York State Fiscal Year 2023 budget expands the ability for New Yorkers to qualify for Medicaid if they are 65+ years old, blind or disabled. Effective January 1, 2023, the allowable amounts for income and assets are increasing.
