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Medicaid Planning Attorney Brooklyn - New York Legacy Lawyers by Yana Feldman & Associates PLLC - (718) 713 8080
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New York Legacy Lawyers, situated in Brooklyn, New York, is a prominent law firm that aids clients to steer through the complexities of estate planning and elder law. Our aim is to preserve our clients' independence and dignity, while ensuring their financial and personal legacies are secure.
Q: What measures can I take to protect my assets from Medicaid in NY?
A: The creation of an irrevocable Medicaid Asset Protection Trust (MAPT) is one possible approach in New York. An MAPT allows you to conserve your assets for your family's future. However, it's important to realize that once assets are moved into this trust, they usually cannot be taken back.
Q: Can Medicaid claim my home in NY?
A: As of 2021, the asset limit in New York was $15,900, but your home, up to an equity limit of $906,000, was not viewed as a countable asset. Nevertheless, Medicaid can seek reimbursement from your estate after you pass if you were a beneficiary.
Q: Is it possible for a nursing home to claim my house in New York State?
A: The state does not directly "take" your home. However, without proper planning, a forced sale of your home may occur if Medicaid seeks reimbursement after your death. If Medicaid is funding your nursing home care, they may also impose a lien on your property.
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