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Tag Archives: Medicaid

Putting Rental Home Into a LLC or S-Corp is Sound Medicaid Planning

Put Your Rental Home into a Corporation or LLC Putting Rental Home Into a LLC or S-Corp is Sound Medicaid Planning by Aaron E. Futterman, Esq. To qualify for Medicaid in New York, the Medicaid Regulations (“Regulations”) provide that all income and resources actually or potentially available to a Medicaid applicant or recipient must be…

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2018 Medicaid Regional Rates

Effective January 1, 2018, Medicaid regional rates for calculating transfer penalty periods for 2018 were increased from 2017. The regional rates are: Long Island $13,053 New York City $12,319 Northern Metropolitan $12,428 Rochester $11,692 Northeastern $10,719 Western $10,239 Central $9,722 These rates are based on average nursing home costs in each of the seven regions…

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Elder Law in Valley Stream, NY: Review the Trust Terms

A trust is a legal instrument by which an individual gives control over his/her assets to another (the trustee) to disburse according to the instructions of the individual creating the trust. There are a number of different types of trusts, including Revocable Trusts and Irrevocable Trusts. Often, Revocable Trusts become Irrevocable Trusts upon a certain…

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Elder Law in Valley Stream, NY: Review Your Trust

In general, a trust is a legal instrument by which an individual gives control over his/her assets to another (the trustee) to disburse according to the instructions of the individual creating the trust. There are a number of different types of trusts, including Revocable Trusts and Irrevocable Trusts Treatment of Revocable Trusts In the case…

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Elder Law in Valley Stream, NY: Review Your Annuities

Medicaid Regulations provide that all income and resources actually or potentially available to a Medicaid applicant or recipient must be evaluated, but only such income and/or resources as are found to be available may be considered in determining eligibility for Medicaid. A Medicaid applicant or recipient whose available non-exempt resources exceed the resource standards will…

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