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...]
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...]
Long Term Health Care Plans
Please click on the link below to watch today's video blog: https://youtu.be/U6ZbEa8kxDM Elliot S. Schlissel has more than 45 years experience representing clients in all aspects of estate and long term care planning. He and his associates are available for consultation at 516-561-6645, 718-350-2802 or by sending an email to … [Read more...]
Long Term Care Issues
As the population of America ages, there is a retirement issue many Americans don’t realize exists. This issue involves long term care. One of the ways of dealing with long term care issues is to purchase long term care insurance. Long Term Care Expenses In the Metropolitan New York area, nursing home expenses run between $10,000 to $12,000 per … [Read more...]
Medicaid Planning; Medicaid Asset Protection Trust
Medicaid Asset Protection Trusts (MAPT) are the best way to preserve assets should you be unable to purchase long term care insurance. Sometimes family members presume putting their assets in joint names with their children will help them should they be forced to go into a nursing home and apply for Medicaid. This is a mistake! Putting assets in … [Read more...]
Litigating Issues Involving Wills And Other Assets Taking Advantage Of The Elderly and Infirm – Part I
In some societies as parents and other loved ones grow older, the level of respect and help provided to them by their children and other loved ones increases. Sometimes, however, loved ones who are sickly or suffer from Alzheimer’s disease are taken advantage of for financial gain. Examples of inappropriate actions where individuals seek to enrich … [Read more...]
Irrevocable Life Insurance Trusts – Part II
Avoiding Estate Taxation on Life Insurance Proceeds To ensure that there is no estate taxation, a life insurance trust must also be the beneficiary of the life insurance policy. Beneficiaries Inherit Even Though Not Named in the Life Insurance Policy Upon your death, the trust will receive the death benefit proceeds from the life insurance … [Read more...]
IRA Distributions and IRS Penalties
If you have an Individual Retirement Account (IRA), once you reach the age of 70 ½ years, you must start making distributions out of the account each and every year. Should you fail to make these annual distributions, significant fines are triggered. These fines can equal up to 50% of the money which was supposed to be distributed in that year from … [Read more...]
How To Avoid Probate in New York – Part I
The probate process in New York can involve expenses, time delays and the opening up of family related issues to public scrutiny. There are a number of mechanisms which can be utilized to avoid probate. The following are examples of various types of legal measures which can be utilized to avoid probate: Living trusts. In the State of New York, … [Read more...]
