Medicaid Eligibility & Planning with Pooled Trusts Update for 2024

In order to be eligible for Medicaid, seniors (age 65 and over), and those who are blind or disabled, must meet certain income and resource guidelines.  The Office of Health Insurance Programs recently issued an update on Medicaid eligibility criteria pertaining to income and resource levels for 2024.  Medicaid permits a monthly income allowance of $1,732 per individual or $2,351 for a married couple.  The permitted resource level for a single person in this category is $30,120 and $40,880 for a married couple[1].  Aside from the permitted income and resource allowance, seniors or those who are blind or disabled are entitled to a home if the equity does not exceed $1,071,000.      

We are catching up to states like Texas that already permit Transfer on Death Deeds!

In a significant shift for estate planning in New York, the New York State Real Property Law has been amended to include Section 424, which introduces the Transfer on Death (TOD) Deed. Effective July 19, 2024, this new provision offers a streamlined method for transferring real estate to beneficiaries, bypassing the often cumbersome probate process.

Are you considering integrating your mortgaged property into a Trust but not certain if this is possible? The short answer: yes, you can. However, like any legal matter, there are many nuances and variables to consider and that may change the affirmative answer. Let’s delve into the details to shed light on the path ahead.

2024 MEDICAID LEGAL UPDATE  AND NEW CRITERIA –UPDATED FEBRUARY 2024

 Внимание ! Новые правила ,чтоб получить медикейд !

Не смотря на то, что огромное количество Американских пенсионеров среднего класса продолжает иметь право на медикейд, мы обычно думаем (неправильно!), что если мы владеем недвижимым имуществом или хорошо зарабатываем, то мы не имеем право на медикейд после выхода на пенсию.

Some quick updates on the annual and combined estate/gift exclusion numbers for 2024.

Embarking on the journey to retirement is like charting a course through a complex maze—full of twists, turns, and potential pitfalls. As a seasoned New York elder law attorney, I’m here to be your guide, helping you navigate the intricacies of retirement planning. Continue reading “Navigating the Retirement Maze: A Comprehensive Guide with a New York Elder Law Attorney”

Estate planning just got a bit more complicated, thanks to a recent ruling by the IRS. The ruling was issued in March 2023 and is Revenue Ruling 2023-2; it has significant implications for individuals who have an irrevocable trust as part of their estate plan. Continue reading “Understanding the Impact of Recent IRS Ruling on Trusts and Estate Planning”

Every trust is either revocable or irrevocable, but which trust should you create? Find out what factors go into the decision of what trust is right for you.  We look at your age, wealth level, family circumstances, desire for flexibility and control as just some of the factors that go into this decision.