This originally aired on the Catholic Faith Network’s show CFN Live: https://youtu.be/Jg2qnoMY3qk It is that time of year again, where taxpayers must file their personal income tax returns. But, what do you need to know before filing your tax return?…
Watch “In The Legal Know” with Vincent J. Russo Vincent appeared on CFN Live on March 18th, 2024 to discuss“Navigating the 2024 Tax Season” https://youtu.be/Jg2qnoMY3qk Vincent J. Russo discusses which tax return form should you use, how to get your…
This originally aired on the Catholic Faith Network’s show CFN Live: https://youtu.be/FvuJxohc41Q 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…
** This article has been revised from its original version which was published on January 29, 2020. Medicaid planning in New York can be presented to the guardianship court either before a guardian has been appointed or after, depending on…
** This article has been revised from its original version which was published on November 29, 2016. Medicaid Managed Long-Term Care Providers (MLTCs) came into existence as part of the NYS Medicaid redesign—an attempt by NYS to provide quality care…
** This article has been revised from its original version which was published on April 30, 2018. Under current law, certain transfers of assets by a Medicaid applicant or recipient don’t result in any transfer penalties. An asset of any…
A number of my clients have experienced a gap in their Medicaid coverage because they moved from one state to another to be closer to their families. It is important to remember that Medicaid is not portable. You cannot simply transfer it from one state to another. For example, if you are receiving Medicaid benefits in New York and you move to another state, the New York State Medicaid eligibility will be lost. Meanwhile, there could be a considerable delay before you are enrolled in Medicaid and start to receive benefits in your new home state.
Many people that I meet have either heard of or think they know something about Medicaid’s 5-year lookback rule, but most people do not know exactly what it means. For example, they may not realize that there are certain transfers (gifts) during that 5-year period that don’t have any impact on Medicaid eligibility. These are called exempt transfers.