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What Are the Tax Implications of Transferring Property Into a Trust?
While a trust technically becomes the owner of your home when you sign a deed transferring ownership to a grantor trust, rest assured that you will still receive the same real estate tax exemptions and/or benefits that you received when your home was owned in your individual name.
One of the issues that we see facing many of our clients is an inability to implement and access services once an application for Community Medicaid has been filed and approved.
On March 31, 2018 the New York State Legislature and Governor Andrew Cuomo finalized the budget for the 2019 fiscal year. In January, the Governor’s office set forth a budget proposal.
I heard Medicare will be issuing new benefit cards. Is there anything I need to do to order the new card or activate it once it comes in the mail?
This is a question we receive often. Navigating the maze of healthcare coverage can be confusing. For starters, a brief overview of the programs will help to demystify and clear some of the confusion.
My mom has been approved for Community Medicaid and is eligible to receive a personal care aide in her home. I have been trying to schedule an evaluation with a Managed Long Term Care Company but I have been having some difficultly.
What are the Medicaid Resource and Income levels? I was told they change every year and differ from County to County. Can you explain?
I am a disabled person that receives Social Security Disability Insurance as a disabled adult child and Medicaid and will be inheriting $20,000.00 from my aunt. I am able to manage my own finances.
For most of us, if the time ever came that we needed assistance, our preferred option would be to remain at home in our familiar setting surrounded by family. For many, the Community Based Long Term Care Program, commonly referred to as Community Medicaid makes that an affordable and therefore viable option.
My mother has Community Medicaid and she lives in her own home. Now the Managed Long Term Care provider, GuildNet, is leaving this area. What are my options? Will her hours of care be reduced? Should I be worried?
Once someone has been approved for Community Medicaid (home care benefits) or Chronic Medicaid (nursing home benefits) they will need to recertify with the local Department of Social Services each year. The recertification notice comes with an application that must be completed and sent in prior to the due date.
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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.