Review Your Estate Plan in Light of the New Medicaid Regulations
December 30th, 2011
Recent changes to New York State Medicaid laws have expanded the definition of an “estate” for Medicaid estate recovery purposes.
Upon the death of a Medicaid recipient, Medicaid can recover expenses paid on behalf of the recipient from his or her estate, under certain circumstances. Before the new regulations were put into place, Medicaid limited its claims to the decedent’s probate estate, which generally included only those assets that passed through a will or intestacy. Now, with the expansion of the definition of estate, Medicaid is also taking into consideration assets outside of the probate estate, including jointly held real or personal property, retained life estates and interests in trusts. Therefore, assets that were previously protected from a Medicaid claim may now be at risk.
Despite the changes in the law, you can still effectively plan for your future long-term care needs and preserve some, if not all, of your assets. Now, more than ever, it’s important to review your current plan with an Elder Law attorney to be sure that you are in the best possible position to preserve your life’s savings and protect your property. Call the Elder Law attorneys at Lamson & Cutner at (212) 447-8690, to schedule a consultation.
Entry Filed under: Estate Planning vs. Elder Law Planning,Medicaid Planning
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