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Medicaid

Financial Aid and Gifting

Financial Aid and Gifting

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? Answer: These gifts may affect financial aid for your son. ...more »

Community Medicaid and Your House

Community Medicaid and Your House

Question: I am currently paying for caregivers to come to my house and assist me with day to day tasks. My friends tell me that I should apply for Community Medicaid but I own my home. Does the equity in my home disqualify me for Community Medicaid? Answer: The answer is technically that you can own your home and qualify for Community Medicaid benefits. However, the complete answer is more complex than a simple yes or no. Medicaid is a needs-based benefit that you must qualify for with certain...more »

Chronic Medicaid

Chronic 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. Answer: Your friend was most likely referring to asset protection relating to long term care planning. In the event that you require care in a nursing facility, you may be able to rely on Medicaid to pay for your room and board. As you are likely aware,...more »

Revocable and Irrevocable Trusts for Assisted Living

Revocable and Irrevocable Trusts for Assisted Living

Question: About six years ago my parents signed two trusts: a revocable trust and an irrevocable trust. They transferred about $150,000.00 into the revocable trust and their house into the irrevocable trust They sold their home about three years and deposited $400,000.00 into the irrevocable trust. My dad passed away and my mom is at an assisted living.  I went to the bank and I was told that I do not have access to the revocable trust because I am not the Trustee but I am the Trustee of...more »

Medicaid and Prepaid Funeral

Medicaid and Prepaid Funeral

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? Answer:  Yes, a pre-need funeral trust allows an applicant for Medicaid to set aside money to fully fund the funeral services of their choice before their funds are exhausted down to necessary...more »

Medicare Rehabilitation Days

Medicare Rehabilitation Days

Q:  I recently fell and broke my hip.  I am now being discharged from the hospital to a rehabilitation facility, will Medicare pay for my stay?   A:  As you may know, Medicare will pay for a patient to receive rehabilitation in a facility if they have a qualifying stay in a hospital, i.e. being admitted to the hospital for two nights. The first twenty days of rehabilitation are completely covered by Medicare. The twenty first day through the one hundredth day will have...more »

Effects of Income Change on Medicaid

Effects of Income Change on Medicaid

Q: 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? A: Community Medicaid is a great way to get the care mom needs at home while still being able to use all of her income for her every day expenses.&...more »

Medicaid Asset Protection Trusts and Taxes

Medicaid Asset Protection Trusts and Taxes

Question:  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?  Answer:  First, let me say that an attorney should review the trust.  Not all trusts are the same and the answer to your question depends upon what terms are contained in...more »

Medicaid and Elective Share

Medicaid and Elective Share

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.  If your spouse requires care in a nursing facility and wants to rely on Chronic Medicaid to pay for it, the Department of Social Services will conduct a five-year lookback. ...more »

Gifting

Gifting

Q: I have 5 grandchildren and want to start gifting them money every year to help support their growing families.  What are some gift tax consequences I need to consider?  Do my grandchildren have to pay a tax on the gift?  I have a relatively large estate, how will gifting affect this?  A: Under Federal law, a person can gift up to $15,000 per person, per year, without having to report the gift on a Gift Tax Return (Form 709). This is called the annual exclusion amount....more »

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