CALL USEMAIL US

NEW YORK MEDICAID PLANNING ATTORNEYS

Summary
New York Medicaid Planning Attorneys
Service Type
New York Medicaid Planning Attorneys
Provider Name
Dilendorf Law Firm,
60 Broad Street, 24th Floor,New York,New York-10004,
Telephone No.212.457.9797
Area
Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming
Description
Much of estate planning focuses on minimization, as in minimizing, tax payments, probate court burdens, and the time required to prepare an effective will. However, solid estate planning also includes maximization. At the Dilendorf Law Firm, our New York estate planning lawyers provide support in both these areas.

Much of estate planning focuses on minimization, as in minimizing, tax payments, probate court burdens, and the time required to prepare an effective will. However, solid estate planning also includes maximization. A complete system should maximize your eligibility for government benefits, including Medicaid. You spent a lifetime paying taxes to support this program. You are entitled to reap the benefits of that investment.

At the Dilendorf Law Firm, our New York estate planning lawyers provide support in both these areas. We work with you to minimize tax liability and time delays. We also offer strategies that maximize transfers to your chosen heirs and your Medicaid eligibility. This program usually pays most or all of long-term care costs. So, the assets you worked so hard to obtain pass to your heirs, and not to a hospital.

Summary
New York Medicaid Planning Attorneys
Service Type
New York Medicaid Planning Attorneys
Provider Name
Dilendorf Law Firm,
60 Broad Street, 24th Floor,New York,New York-10004,
Telephone No.212.457.9797
Area
Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming
Description
Much of estate planning focuses on minimization, as in minimizing, tax payments, probate court burdens, and the time required to prepare an effective will. However, solid estate planning also includes maximization. At the Dilendorf Law Firm, our New York estate planning lawyers provide support in both these areas.

ATTORNEYS' EXPERIENCE

Represented a foreign investor as co-counsel in connection with setting-up a Delaware Dynasty Trust for asset protection purposes and for purposes of purchasing and holding investment real estate in New York

Qualifying for Medicaid

Medicaid is a state-run program, and New York’s qualification rules are quite favorable. As of 2020, individuals must have less than $15,750 in countable assets. Married couples must have less than $22,800 in assets. A primary residence does not count. Neither do life insurance policies and some other assets. Some other assets, such as pension plans and IRAs, are in a grey area. In some cases, individuals or couples can retain some money as a personal allowance or to pay home health care costs.

To reach these financial levels, individuals cannot simply give away their property before they enter a nursing home. Medicaid has a five-year lookback period. Most transfers made within that time frame, including sales below market value, are presumed fraudulent. And, Medicaid fraud is a very serious felony.

These rules vary in different states. And, much like the gift tax rules, these eligibility requirements change constantly.

Medicaid Asset Protection Trusts

In many cases, a MAPT is an ideal Medicaid planning vehicle. That’s especially true if long-term care insurance is not an option, for whatever reason.

MAPTs are income-only trusts. Someone other than the settlor (person who creates the trust) or the settlor’s spouse must be the trustee. Bank accounts, retirement accounts, investments, and other such property goes into the trust, and the settlor only has access to the income. Even though the settlor is not the trustee, the settlor can replace the trustee for good cause.

These trusts are subject to the aforementioned lookback period. However, it is never too late to create a MAPT and at least reduce your long-term care payments.

For all intents and purposes, a MAPT is a person. So, the trust can do things like downsize from a house to a condominium or buy and sell stocks.

Other Alternatives

Transferring property, specifically cash, to an exempt asset is often a good idea. For example, instead of downsizing to a condominium, the couple could upsize to a larger home.

Another option, the Medicaid annuity, is available because of an obscure provision in the Deficit Reduction Act of 2005. The community spouse, who is the spouse remaining at home, purchases an annuity with excess funds. The annuity must be repaid according to the community spouse’s actuarial life expectancy. In the meantime, the other spouse is instantly eligible for Medicaid.

Other alternatives include spousal refusal and a gift/loan strategy. Spousal refusal involves an asset transfer to the community spouse and that person’s refusal to contribute to long-term care costs. A gift/loan transfer, like a spousal refusal, typically reduces, but does not eliminate, long-term care payments.

Medicaid planning preserves your assets and gives you additional peace of mind. For a confidential consultation with an experienced estate planning lawyer in New York, contact Dilendorf Law Firm, PLLC.

Resources:

Summary
New York Medicaid Planning Attorneys
Service Type
New York Medicaid Planning Attorneys
Provider Name
Dilendorf Law Firm,
60 Broad Street, 24th Floor,New York,New York-10004,
Telephone No.212.457.9797
Area
Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming
Description
Much of estate planning focuses on minimization, as in minimizing, tax payments, probate court burdens, and the time required to prepare an effective will. However, solid estate planning also includes maximization. At the Dilendorf Law Firm, our New York estate planning lawyers provide support in both these areas.

For more information about our Medicaid Planning services,

please contact Dilendorf Law Firm by sending an email or calling us at 212.457.9797

REQUEST CONSULTATION

Our website uses cookies. By continuing to use our site, you agree to our use of cookies in accordance with our Privacy Policy.