The New York Medicaid Estate Recovery Program may place a lien on property owned by benefit recipients at the time of their death when it is part of an estate being administered in the Surrogate’s Court. That means that any property that is transferred either through a last will and testament (Will), or through the law of intestacy (if the deceased Medicaid recipient made no Will), is subject to being attached....
By invoking spousal refusal, only the income and assets of the spouse who needs care is considered in the Medicaid eligibility examination. The refusing spouse can keep or distribute assets to family members, or otherwise dispose of the financial assets as they please....
The predominant “Half-a-Loaf” strategies used in New York and New Jersey are called: Promissory Note Planning (New York), and Annuity Half-A-Loaf Planning (New Jersey)....
Sometimes called an AB Trust, the Credit Shelter Trust is designed to take full advantage of any estate tax exemptions while simultaneously reducing or eliminating estate taxes payable when the surviving spouse dies....
In cases with no will, the court appoints an “administrator” to oversee the management of the estate assets. In such a case, the Surrogate Court will issue Letters of Administration, documents attesting to that person’s authority to perform acts for the estate, subject to the court’s approval....
The New York Medicaid Consumer Directed Personal Assistance Program (CDPAP) is an innovative program that enables disabled and elders who live in the Community but who need in-home healthcare or personal assistance to recruit family member or friends to provide their care as they direct. The work they perform will be paid for by the state Medicaid program....
In New York, removing an executor requires substantial evidence of specific grounds set out in the statute that governs their disqualification. Our state’s courts treat the removal of an executor as a very serious step to be taken only in rare circumstances. The courts have ruled that removing an executor annuls the testator’s choice, and should be granted only when the grounds are clearly established or on a clear showing of serious misconduct that endangers the safety of the estate....
At Ely J. Rosenzveig & Associates, our attorneys have extensive experience representing clients who become involved in the probate process. In some cases, we have acted as legal counsel to the personal representative appointed by the court to execute a decedent’s will. In other cases, we’ve represented a beneficiary who wanted their interests protected, or a beneficiary who challenged the authenticity or validity of a decedent’s will. ...
Two commonly used "advance directives” are Powers of Attorney and Healthcare Proxies. While similar, in New York, these two documents convey particular powers relating to different areas of one’s affairs....
In New York, contested wills and other probate matters are handled in the Surrogate’s Court. There is a Surrogate’s Court in each of New York State’s 62 counties....
Applying for Medicaid in New York can be confusing because of the numerous programs. The two most confused programs are Chronic Medicaid and Community Medicaid. Each program implements different eligibility criteria and offers different coverage....
In 2014, Congress enacted the Stephen Beck, Jr., Achieving a Better Life Experience Act (ABLE) permitting recipients of SSI or SSDI to hold up to $100,000 in an ABLE savings account without the Social Security Administration counting it as an available resource....
Legal actions against community spouses seeking reimbursement for the care of the other spouse were infrequent years ago. Now, state budget pressures have substantially increased the likelihood that community spouses will face Medicaid recovery claims. Ely J. Rosenzveig & Associates has an impressive track record of defeating or minimizing these claims....
Is there a difference between inheritance tax and estate tax? Yes. Confusion about these two terms is understandable because some people mistakenly use the terms interchangeably. ...
Everyone receiving Medicaid benefits in New York should keep fully informed and up to date on all the changes that became effective on January 1, 2022. The New York Office of Health Insurance Programs (NYOHIP) recently released their “2022 Medicaid Levels and Other Updates,” announcing the new income and resource limits for NY Medicaid eligibility....
For years, the New York Durable Power of Attorney Statutory Short Form was a source of problems for both the principal who was granting power of attorney (POA), and for the agent to whom authority was granted. The law required elder law attorneys and other professionals who draft POAs to use only the identical words and phrases spelled out in the statutory form or risk having the POA rejected by financial institutions and others....
Probate is a process conducted by the surrogate’s court in New York to authenticate a decedent’s (the person who died) last will and testament....
A tax transfer certificate is a document issued by the U.S. Internal Revenue Service certifying that a United States citizen who died while living abroad does not owe the federal government any estate taxes. Banks and financial services companies require an IRS tax transfer certificate before they release any of the assets held with the decedent named as an account owner....
The law firm of Ely J. Rosenzveig and Associates has extensive experience creating estate plans that preserve the wealth that you accumulated through decades of effort for those whom you choose to benefit. Through the creation of appropriate legal instruments, the tax burden borne by your estate can be minimized instead of suffering from New York’s Estate Tax “Cliff.”...
The general rule in New York for Medicaid applicants is that any gifts or transfers of assets (money or property) within the “look back” period will trigger a “penalty period” of ineligibility for benefits for that applicant....
When people think of an estate plan, many first think of a Last Will and Testament, or Will. The Will is truly the hallmark document of any estate plan. This is a document that allows a testator (or, a person who has created a Will), to designate beneficiaries who will inherit property such as cash, real estate, personal property, and other assets such as bank and brokerage accounts, from their estate. ...
The key to understanding New York’s Medicaid program coverages and services is to remember that there are two levels of Medicaid: Institutional (Chronic) Medicaid, or nursing home care, and Community Medicaid or home care. The income limits and resource caps for eligibility are a bit different for each plan....
The law provides many different methods of protecting your valuable assets. Some of the most common examples include the federal Employee Retirement Income Security Act (“ERISA”)-qualified retirement plans established by an employer, including 401Ks, deferred compensation plans, and plans for profit sharing. ...
A special needs or supplemental needs trust (SNT) receives and holds assets for the exclusive benefit of a person who is disabled. The key feature of the SNT is that it is not considered a reachable or countable asset of the disabled beneficiary for the purposes of qualifying for means-tested government programs. Specifically, a SNT does not jeopardize its beneficiary’s eligibility to receive public benefits like Supplemental Security Income (SSI), or Medicaid....
When a person applies for Medicaid, the New Jersey Family Care Eligibility Determining Agency (EDA) verifies the information. The EDA examines each transfer made by a Medicaid applicant within a five-year “look-back period.” If an applicant violates this rule and is found to have gifted or sold an asset for less than fair market value, the agency will impose a penalty period (“a period of Medicaid ineligibility”)....
The MLTC plan assumes the task that local CASA (“Community Alternative Systems Agency”) or Medicaid offices did previously, which is to determine if an individual requires Medicaid home care....
A New York medical power of attorney, also known as a “health care proxy,” is a legal document that allows a patient to grant authority to a trusted individual (known as an “agent”, “proxy”, or an “attorney-in-fact”) to make medical decisions on their behalf if they are incapacitated. ...
On December 15th of last year, the State of New York introduced a new law that made significant changes to the New York power of attorney (“POA”). These changes took effect on June 13, 2021. Note that the new law won’t have any effect on the validity of existing, duly executed POAs, and the Statutory Gifts Riders, as they will all be grandfathered in....
The FBAR (Report of Foreign Bank and Financial Accounts) is a Form FinCEN 114. The Bank Secrecy Act details the FBAR filing requirements. This form must be filed electronically with the Financial Crimes Enforcement Network (FinCEN), a bureau of the Treasury Department....
Probate court is a proceeding in which a deceased person's assets and property are transferred to those named to inherit them. The probate process can be time-consuming, expensive, and frustrating. It’s wise to take action now to spare your family and friends the headaches if possible. ...