Loss Mitigation refers to the program in New York bankruptcies that allows the debtor to resolve foreclosure issues with the financial institution. The purpose of the loss mitigation is to allow the homeowners to remain in their home. The Loss Mitigation Process The loss mitigation progress involves the debtor submitting an application for a … [Read more...]
Executors and Estates
The individual named as the executor in a Will is entrusted with the assets of the individual who drafted the Will after the individual dies. The executor has responsibilities with regard to administrating the estate, accounting for its assets, paying taxes, distributing the assets of the estate, and dealing with a variety of other issues. … [Read more...]
Medicaid Explained
Medicaid is a program maintained jointly by states and the federal government. It is designed to pay for home healthcare aids and/or nursing home care for individuals who qualify. How does one qualify for medicaid? Although medicaid is basically a welfare program, estate planning can allow even families with significant assets to qualify for … [Read more...]
Medicaid and IRA’s
If you have an Individual Retirement Account (“IRA”) and you are applying for Medicaid there are certain rules and circumstances which affect your IRA. Your IRA cannot be transferred if you are married. The only way to transfer an IRA between a husband and a wife is to have them enter into a separation agreement or get divorced. If you are in an … [Read more...]
Medicaid In New York – Part I
Medicaid was established in 1965 by an act of Congress. Medicaid is designed to deal with healthcare issues for individuals and families who cannot afford healthcare. Individuals applying for medicaid must meet minimum coverage requirements. These requirements are the individual must be under 21 years of age or over 65 years of age or be eligible … [Read more...]
Managed Medicaid Home Care
New York State has a new managed Medicaid Long Term Care Plan (MLTC). Under this program, the State of New York pays for long-term care of an individual in a community setting. This generally refers to paying for home care for someone living at home. A healthcare aide or personal care aide helps take care of this individual in his or her … [Read more...]
Man Seeks to Recover Property From Decedent’s Home
Please click on the link below to watch today's video blog: https://youtu.be/IbfgPc_ORB8 Elliot S. Schlissel is a member of the National Academy of Elder Law Attorneys. Elliot and his associates have been representing clients for more than 45 years in all aspects of estate litigation, estate planning, drafting wills and trusts, and … [Read more...]
Medicaid in New York – Part II
Look Back Period for Institutionalized Medicaid There is a currently a 60 month (5 year) look back period for obtaining institutional Medicaid benefits. This means that the Medicaid recipient has a five year look back period where he or she may be subject to being a self-payer. Spousal Refusal If the community spouse has assets greater than … [Read more...]
Lost Will is Presumed Destroyed
In a recent case the administrator of an estate tried to probate a copy of a decedent's will. The son challenged the probating of a copy of the will. The court rendered a ruling there is a presumption that a will in the possession of a decedent which cannot be found after his or her death was destroyed by the decedent. New York Regarding Missing … [Read more...]
Medicaid Planning – Long Term Care Issues
Growing old has its benefits. You get to see your grown children, friends and family members for a long period of time. You tend to grow wiser and more sophisticated with regard to lifestyle matters and the future of your family. However, a significant portion of seniors at some point in their lives require long term care. They will either … [Read more...]
