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What is a Medicaid “Look-Back”?
Understand the difference in look-back rules for Community Medicaid and Nursing Home Medicaid in New York, including rules regarding possible penalties.
Selling or purchasing real estate property can be one of the most significant transactions in your life. The information below is a general guide to the basic steps in a residential real estate transaction.
Real property in the Hamptons has always enjoyed a steady increase in value. But with this increase in value, owners may incur a substantial tax bill from the capital gain in their real property if and when they decide to sell.
Many people use irrevocable trusts as part of their estate plan for tax savings, asset protection and Medicaid planning. In all these types of trusts, the Grantor (creator) of the trust is going to be limited to their access of the principal of the trust in order to ensure that their planning needs are met.
Question: I transferred ownership of my house to a Medicaid Qualifying Trust ten years ago. I just put it on the market for sale, where will the proceeds go after sale? Are they protected?
Question: Am I able to obtain a mortgage on my real property if it is owned by an irrevocable Medicaid trust? Can a bank demand that an existing mortgage be due in full if I transfer my property to an irrevocable Medicaid trust?
Question: My aunt has a home that she purchased in 1980. It is now worth $300,000.00 and she wants give it to me to protect it from the cost of nursing home care. Can she just deed it to me? My lawyer is suggesting a trust. What is the difference?
While the primary residence is exempt from the resource calculation for community-based Medicaid, there are certain precautions that should be taken to ensure that the house will remain protected under all circumstances. Owning a home does not disqualify an applicant from receiving Community Medicaid.
Clients often ask how they can ensure the home in which they live or their vacation home can be protected against the cost of long term care. These assets are often worth much more to our clients than the cash value; they represent hard work to pay off the mortgage and are wrapped in memories.
I am considering creating an Irrevocable Trust to protect my house and other assets, but I am concerned about creating a situation where my children will have to pay Capital Gains tax.
My friend suggested that I transfer my house to my children in case I need nursing home care in the future. Is this advisable?
