The cost of long term care is staggering. Nursing homes cost on average in this country $108,405 and in New York State $158,797. A cost that most seniors cannot afford to privately pay.
Question: I created an Irrevocable Medicaid Asset Protection Trust. Do I need to file a tax return for the trust? Answer: Let’s start by defining the trust. Appropriately named, a Medicaid Asset Protection Trust (“MAPT”) is created to shield assets from Medicaid…
Watch Vincent J. Russo Legal Correspondent on Catholic Faith Network’s CFN Live! Vincent appeared on CFN Live on March 1st to discuss "Medicaid Home Care: Protecting Your Income” Colleen: Today, we will be addressing Part Two in our Series…
Watch Vincent J. Russo Legal Correspondent on Catholic Faith Network’s CFN Live! Vincent appeared on CFN Live on February 23rd to discuss "Protecting Your Residence with a Medicaid Asset Protection Trust?” Colleen: Today, we are introducing a four-part series on…