June 6, 2020
Most Frequently Asked Questions on Trusts:
Q: What is the difference between an Irrevocable and Revocable Trust?
A: An Irrevocable Trust is the only type of trust that affords creditor protection and there are aspects of it that can never be changed by you Continue reading “FAQ Regarding Trusts”
How Will Giving Gifts Affect My Medicaid in New York?
If you are a senior or disabled individual receiving Medicaid in New York, your Medicaid eligibility is dependent on both your resources and income. It is also important to understand that nursing home Medicaid (institutional Medicaid) and homecare or (community Medicaid) have different thresholds for the resource and income criteria. For example, in 2019, the income limit for a single community Medicaid recipient is $845 a month, however nursing home Medicaid recipients are only entitled to keep $50 of monthly income. Unlike many other Medicaid rules, this actually tends to make sense as all of a nursing home patient’s daily living needs are met by the nursing home (e.g. there is no need to pay for food, shelter, etc). Continue reading “Gift Giving and Medicaid”