When advising clients regarding Medicaid asset protection planning, it is common to recommend the transfer of their residence (and other properties they may own) to a Medicaid Asset Protection Trust (“MAPT”). After five years, the trust assets would not be…
New York state has not had a gift tax since it was repealed in 2000. However, even absent a gift tax, New York historically required decedents to include in their New York taxable estate all gifts made within three years…
It is not uncommon for me to canvas a group of people and find out that the majority of the group has heard of the 5 year look back when it comes to applying for Medicaid in a nursing home…
Several factors should be considered when determining whether a First Party Special Needs Trust or a Third Party Special Needs Trust should be utilized when developing the appropriate plan for a beneficiary with special needs. In both circumstances, the type…
"Making Ends Meet" aired on Monday, December 10, 2018 at 1:30 pm. In this episode, we addressed the basic needs of the working poor. Over 8.6 million Americans who struggle each day to survive. Our guests will discuss the different ways food…
One of the most frustrating things as a Special Needs planning attorney is to have someone in my office doing planning and they tell me that they need to disinherit a family member because they are receiving some kind of…
“My mother has too much money, so I guess she has to pay privately for her home care”, Mary told me recently. As an Elder Law Attorney for over 17 years, I can tell you that I hear this almost…
So you own your home and you think that it will be transferred to your family upon your passing without going to court. But is that really the case? What does all of this mean? A house that is owned…
Our partners, Vincent J. Russo and Marie Elena Puma have once again been named “Super Lawyers” on the “New York Metro Super Lawyers” list. This is Vincent’s 12th year being recognized as a Super Lawyer and Marie Elena’s 3rd year receiving this honor,…
As a planner, I sometimes hear things like: “I thought I could give my kids $10,000” “I’ll just sell my house to my children for $1” “Can I pay my grandson’s college tuition and not have to worry about Medicaid?…