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Category Archives for Medicaid and Asset Protection
Protecting Assets in a Crisis: All is not Lost
A loved one needs immediate nursing home care and has not planned ahead. Will the family have to spend-down all assets? Luckily, no. It is still possible to protect one-half of an individual’s assets, even if s/he is already in a nursing home, by using a promissory note. It works as follows: the nursing home resident […]
Continue readingWho Will Mind Mom? Check Her Contract
Seniors Turn to Written Agreements to Compensate Relatives as Caregivers; Reducing Estate SizeBy Jennifer B. Cona, Esq.TRISH RICHERT recently signed a blinding employment contract. In exchange for taking care of a 77-year-old woman- arranging and taking her to doctor’s appointments, doing her bills, keeping her house tidy- Ms. Richert, of Greensboro, N.C., receives a modest stipend […]
Continue readingWhen Planning For Medicaid Leads to Estate Litigation
Family agreements offer way to avoid disputes within families after death of parentsBy Jennifer B. Cona, Esq. MORE SENIORS and their families are becoming aware of elder law and specific planning options for preserving assets and financing long-term health care needs. As a result, more families are engaging in Medicaid asset protection plans, often before a […]
Continue readingPlanning Ahead to Avoid a Family Fight
Call it the ultimate, unintended consequence: a plan intended to preserve your children’s inheritance that triggers a family feud instead. “We’re seeing more litigation among family members as a result of Medicaid planning,” says Jennifer B. Cona, an estate lawyer at Cona Elder Law in Melville. Medicaid planning typically requires you to give away your […]
Continue readingThe Perils of Funeral Prepayment Plans
Tips on shopping for funeral goods and services. Shopping around for the most suitable and affordable funeral goods and services is a wise consumer idea. However, be extremely cautious about paying in advance — or prepaying — for them. There are a number of legal controls on how the funeral industry can handle and invest funds earmarked […]
Continue readingWhat Is a Trust And How Does a Trust Protect Assets?
As you plan for your or your loved one’s needs, what steps should you be taking to protect assets? Should you set up a trust and if so, how do you know what kind of trust is right for you? There are many different kinds of trusts which serve different purposes. Testamentary trust are created in […]
Continue readingViewpoint: Expand Senior Care
By Jennifer B. Cona, Esq. Sen. Kemp Hannon, R-Garden City, once again has his eye on the ball regarding the elderly with an effort to push through legislation that would streamline the licensure process for assisted living facilities in New York State. Easing the assisted living approval process will create more supply on Long Island to meet […]
Continue readingMedicare Coverage for Rehab or Nursing Home: Watch Out for the 3-Day Hospital Stay
It is commonly understood that if an individual is transferred from a hospital directly to a nursing home or rehabilitation center, s/he will be entitled to Medicare coverage for a certain period of time. But be careful: a new status category employed by hospitals may thwart those benefits. When an individual has a 3-day hospital stay […]
Continue readingMedicaid Planning Through Trusts Has Become More Attractive
By Paul Hyl, EsqThe Deficit Reduction Act of 2005 (“DRA”) was not all bad news for our clients. Sure there’s the extended look-back period, the delayed running of the penalty period, the annuity and home value limitations, as well as several other provisions that make it more difficult for seniors to become eligible for Medicaid […]
Continue readingMedicaid and Real Property: Don’t Let This Happen to You
When engaging in Medicaid planning and applying for Medicaid benefits, the old saying is true: you get what you pay for. Although it may be tempting to utilize the lower-cost services of a Medicaid agency instead of an Elder Law attorney, without proper legal guidance, it can cost you and your family tens or even […]
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