Blog

Blog

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....

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”)....

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. ...

In New York, an agent designated in a durable POA can only act on the principal’s behalf after he or she signs the power of attorney in front of two adult witnesses, and a notary public.  The language included in the document must also meet certain statutory requirements....

Spousal refusal is a legal Medicaid planning strategy in New York. Spousal refusal, also known as “just say no,” is when a non-applicant, or “community” spouse of a long-term care Medicaid applicant refuses to assist with the cost of long-term care for their spouse....

A power of attorney (POA) is a legal document that provides a trusted individual (known as the agent or attorney-in-fact) with the authority to act for another person (the principal). ...

The FBAR (Report of Foreign Bank and Financial Accounts) is a form that the Internal Revenue Service (IRS) requires U.S. taxpayers with certain foreign bank accounts to file, wherever they may live—at home or abroad (“expatriates” or “Expats”)....

Get In Touch Today So We Can Help.