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Hon. Gail Prudenti Selected as a Top Lawyer in Long Island
We're excited to announce that Hon. Gail Prudenti has be recognized by the Long Island Herald as a 2024 Top Lawyer of Long Island award recipient for her excellence in the Trusts and Estates practice area.
Question: My mother is elderly and gifted her house and a large bank account to me so that she could apply for Medicaid should her long-term care costs exceed her remaining resources. I am currently completing a FAFSA form for my son who is going to college next year. Will these gifts from my mother to me affect my son receiving financial aid? Can I put these assets into a trust for my benefit to avoid having to disclose them?
Question: My mother, who is widowed, is receiving Community Based Medicaid services. She currently owns a home in her own name; she has been hesitant to transfer it out of her name. I am concerned about Medicaid having a claim against the house after her death, am I right to be concerned?
The Community Based (Homecare) Medicaid program can assist families in paying for the cost of home health aides as well as supplies and equipment. Once approved for Community Medicaid, the individual is enrolled in a Managed Long Term Care Company (MLTC).
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.
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.
Question: My father is about to enter a nursing facility. He may have to spenddown some of his money in order to qualify for Medicaid. I was told that he could pre-pay his own funeral and he may be able to pay for his children’s funeral as well. Is this true?
Question: I am looking into different care options for my mom, but I am concerned that she will lose her income to pay for care. This is the money she lives on every month. I recently heard that I could get her care at home through Medicaid and she would still be able to use her income for her regular monthly expenses. How does this work?
My mother has a Medicaid Asset Protection Trust and her house has been owned by this trust for 6 years. She purchased the house in 1980 for $30,000. It’s now worth $400,000. What will be the tax consequences if she sells the house while she is alive? What if we sell it after her death?
We are frequently asked whether it is a good idea to disinherit your spouse due to the possibility of nursing home care in the future. While updating your estate planning documents is a good idea, simply disinheriting your spouse may not protect your estate in the event s/he needs to go to a nursing facility.
My husband may require care in a Nursing facility. I was considering applying for Medicaid but I have heard that we could lose everything if we accept assistance through the Medicaid program. Is this correct?
Our Blog
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.