The Coronavirus Aid, Relief, and Economic Security (CARES) Act passed a couple of months ago is mostly known for the economic relief provided to individuals and businesses. However, the new law also suspends the requirement to take required minimum distributions (RMDs) for this year, even for inherited IRAs. If you already took the 2020 RMD, …
The CARES Act Suspends RMD Requirement but not for Medicaid Recipients Read More »
As everyone is now aware, pursuant to Section 2201 of the CARES ACT, a relief payment in the form of a refundable tax credit for 2020 has been (or will be) sent to eligible individuals. The payment amount will vary depending upon income, marital status and dependents under the age of 17. Taxpayers who included …
Guidance on Stimulus Checks for Medicaid Recipients Read More »
Question: My parents are in their eighties and live at home together. My mother is in good health; however, I have noticed my father’s health is declining. While my mother is able to assist him in some ways, I think he would benefit from Medicaid home care services by having an aide to help in …
In light of the COVID-19 closing of non-essential workplaces and the reduction of staff members in essential ones, the New York State Department of Health has adjusted the requirements for Medicaid applications and assessments during this time. For those applying for Medicaid for the first time, the major difference to note is that you will …
Applying for and Keeping Medicaid Services During the COVID-19 Emergency Read More »
Effective October 1, 2020 New York State will be implementing a thirty-month lookback as an eligibility requirement for Community Based Medicaid. The lookback period for Chronic “nursing home” Medicaid will remain at sixty months. In addition, Spousal Refusal remains intact. Now more than ever it is important to consider your planning and for most, that …
Irrevocable Trusts and the New Community Medicaid Lookback Read More »
After what we were told were long negotiations and deliberations between Governor Andrew M. Cuomo, the Legislature of the State of New York, and their staff-persons, the Fiscal Year 2021 New York State Budget passed at 3 a.m. on April 3, 2020. As a result, some changes will be made to the Medicaid Managed Long …
Medicaid Changes in New York State : A Mixed Bag Read More »
Question: My mom is currently approved for Community Medicaid. I received a notification that her benefits need to be recertified. Is this something I should go back to my attorney to handle or can I fill it out myself? Answer: Once someone has been approved for Community Medicaid (home care benefits) or Chronic Medicaid (nursing …
Q: Do I need to hire an attorney to complete a Medicaid application for my dad? He has some assets in his name, including his primary residence, which I have heard is automatically protected from Medicaid. A: The Medicaid health care system is a tricky system to navigate with its extensive rules, regulations and exceptions. …
Question: I was speaking with a friend and she mentioned that I should consult an attorney for asset protection. I do not have a taxable estate, but she referred to a 5-year lookback. I do not understand why I would need asset protection. Answer: Your friend was most likely referring to asset protection relating to …
While the beginning of the year is typically tax season, it is important to remember that property tax exemptions can be applied for at this time. There are different programs that homeowners should be aware of in order to potentially save with respect to property taxes. Most individuals are familiar with the STAR program which …
