I hope you are enjoying the wonderful warm weather. I attended a conference last week with Attorney Vincent Russo, and discovered a lot of new legal information and changes. I asked Attorney Russo to write me a short note on the changes listed below.
New Expanded Medicaid Estate Recovery
There is a new law in Medicaid that now allows New York State to be paid back for all Medicaid provided to Medicaid recipients (subject to certain limitations) against assets that were not subject to such a claim in the past.
These assets are:
1. Jointly Owned Property
2. Retained Life Estates
3. Revocable Trusts
4. Certain types of Irrevocable Trusts
Many seniors have implemented Medicaid Planning to protect their assets in order to qualify for Medicaid and to avoid a Medicaid recovery. These plans are now in jeopardy, even if they implemented many years ago.
For example, your home which a senior transferred to their children and retained a life estate now could be subject to an estate recovery. According to elder law attorney, Vincent Russo, "the legality of the new law will likely be challenged if the law does not grandfather these life estates that were created prior to the enactment of the new law."
At Vincent J. Russo & Associates, PC they have solutions to this problem. On a case by case basis, there will be options available to seniors and their families. Each case will have to be individually evaluated by them.
They have four convenient locations in Manhattan, Westbury, Lido Beach and Islandia. Phone number: 800-680-1717 and Web address: www.vjrussolaw.com.
I highly recommend that you contact them for advice on how to make sure your assets are protected.
If you need any help with home health aids, call me at 718-442-2414. The home care is $10 hourly, $130 for 24 hour live in care. We charge an agency fee of 18%.
Stay healthy and happy. Warmly, Holly