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The Benefits of a Medicaid Asset Protection Trust
With a MAPT, you can protect your assets from the cost of long-term care. But there is a hitch: The trust must be created sixty (60) months before nursing home care is necessary. Currently, in New York, there is no lookback for transfers made before you apply for home care or Community Medicaid. However, this may change. In 2020, regulations were changed to apply a thirty (30) month lookback for Community Medicaid for any transfers made after October 1, 2020. However, the State has not imposed that lookback and have delayed applying it until at least 2025. At the writing of this article, we are unsure if this will ever be implemented. To be safe, planning early is imperative and the key to asset protection and preservation.
Diet and Exercise
The United States has the 12th highest obesity rate in the world at 36.2%. Diet is primarily to blame, with Americans receiving mixed messages about what they should be eating and how much of it. Faced with mouth-watering advertisements served alongside campaigns promoting daily activity and proper nutrition, many Americans opt for fast, cheap, and filling options such as processed packaged foods, fast food, and larger portions. This often leads to a diet rich in fat, calories, sodium, chemicals, and low in vitamins and nutrients.
The "Bail Reform" Situation
It was obvious back in the middle 1960s that if a person had the money, or property to put up as security, he or she was released on bail. If not, the person was sent to jail—to wait, sometimes for months, to be tried. More than a few defendants who ended up being judged innocent thus served jail time anyway.
Convenience Accounts or Joint Accounts; When do Joint Accounts Lead to Litigation?
When naming a child as a joint account holder on your bank account, be sure that it makes sense in the context of your estate plan. Banking Law Section 675 provides that, absent fraud or undue influence, when two or more people open a bank account and deposit cash or securities, a presumption of joint tenancy with rights of survivorship arises. For the presumption to apply, words of survivorship must appear on the signature card or ledger that creates the account.
What Causes Trigeminal Neuralgia - Part II
TN normally develops on its own; however, it can sometimes be brought on by dental treatments or facial trauma. A blood artery pressing against the trigeminal nerve, also known as vascular compression, may also trigger the condition. The rubbing of an artery against a nerve can wear away the coating, known as myelin over time, leaving the nerve exposed and very sensitive.
Restoring Eelgrass "The Miracle Plant"
"Eelgrass is the miracle plant," says Vasiluth. "It's vital as fish habitat. It's a nursery ground for juvenile fish. Where it grows, scallops thrive. It slows down erosion. It neutralizes acidification. It produces oxygen. It sequesters carbon 35 times faster than a terrestrial rain forest. It is the foundation of the shallow sea."
Hochul's Hellhole: Thank the Governor for "No Bail" Laws
The four stand accused of stashing, dumping, and hiding cut up body parts all over Long Island and down the drains of their own home.
Colorado Craziness Won't End With Supreme Slapdown
Left wing lunatics and radical progressives will stop at nothing, absolutely nothing, to stop President Trump from being on the November ballot. Their unhinged lunacy will know no legal or ethical boundaries even after President Trump sends Joe Biden back to his basement and beats him in an Electoral College landslide.
Suffolk Closeup "13 Magic Words"
They are 13 words that have been added to a measure likely to be voted on in a countywide referendum in November that would amend the Suffolk County Water Quality Restoration Act. The words are in a section of state legislation on what the fund for the act would finance.
Mediators: Navigating Family Dynamics and Promoting Harmonious Estate Planning Outcomes
In a perfect world, all of our children would be successful enough in their own lives so that they needn't depend on an inheritance to maintain or advance their economic status. The reality of the situation is that even in the perfect world, most children develop a certain expectation of what they are entitled to after their parents pass away.
Veterans Suffering Migraine and/or Trigeminal Neuralgia - Part I
Despite the frequent diagnoses of migraine and other headache disorders in veterans, there are unique challenges veterans face in preventing and treating of attacks. People with this invisibledisease already endure a social stigma due to misunderstanding how debilitating migraine attacks can be. This stigma can compound the social hurdles veterans face, making it even more challenging for them to rejoin civilian life.
2024 Community Medicaid Update
For 2024, an individual applying for Community Medicaid can have no more than $31,175 in assets, excluding the home if the equity is less than $1,071,000. Tax-deferred assets, otherwise known as qualified accounts, such as IRAs or 401(K)s, are exempt, so long as the applicant is taking minimum distributions. The amount of the distribution required by Medicaid will vary based on the applicant's county of residence. Regardless, the full amount of the distribution will be counted towards the monthly income. The 2024 Community Medicaid monthly income allowance is $1,732 per month (plus an additional $20 for being blind, aged, or disabled). However, do not be discouraged from applying from the program if you have excess income as applicants with income that exceeds this limit can still be eligible.
Praise for Departing Assemblyman Fred W. Thiele, Jr.
In covering thousands of government officials in Suffolk County as a journalist here for more than 60 years, Thiele has been at the top.
Estate Planning for the Modern Family: The Intricacies of Estate Planning as Family Structures Evolve
Before the growth of the modern family, estate planning was relatively simple. Couples would create "sweetheart wills," which leave assets to each other, and after the death of the surviving spouse, to their children. However, a sweetheart will does not adequately provide for individuals who have children from previous relationships or want to provide for beneficiaries besides the spouse.
Understanding Depression in Veterans
Depression is extremely common -about one civilian person in 10 experiences depression in any given year. However the Veterans Affairs estimate about 1 in 3 (33.3%) of veterans have some symptoms of depression: 1 in 5 (20%) have serious symptoms and 1 in 8 (12.5%) have major depression, requiring treatment with psychotherapy and antidepressants and hospitalization.
Sweetheart Wills
In our practice, we see a lot of Last Will & Testaments that were executed when a couple was younger that were appropriate when drafted but outdated. Your Last Will & Testament probably leaves everything to each other and then to your children. This is referred to as a "Sweetheart Will." While this was appropriate when you were younger, it is not the best estate plan for you and your husband now. As you get older, there is more of a need to do additional planning in order to protect your assets in the event that you or your husband require long term care, either at home or in a nursing facility.
Bob Hope
It may seem strange to write an article about Bob Hope, but you may not be aware that in 1997 Congress honored him by declaring him the "first and only honorary veteran of the U.S. armed forces." He has flown millions of miles to entertain GIs during both wartime and peace. His contribution to the USO began in 1941 and ended with Operation Desert Shield in 1991, spending 48 Christmases overseas with American service personnel. He was always treated as "an asset to the U.S. Government with his willingness to entertain whenever they needed him." After WWII was declared over, the USO sent out an "impassioned bulletin" asking entertainers not to abandon GIs. Hope was the first to say yes. The Military Order of the Purple Heart notes that "his contributions to the USO are well known: they are legend.
The Affordable Housing Crisis -- Part II
Suffolk County isn't alone in facing an affordable housing crisis.
Championing Justice: Britt Burner's Recognition for Advocating for the Elderly and Disabled
As part of the New York State Bar Association's Annual Meeting on Tuesday, January 16th, Britt Burner, Esq. was honored with the prestigious 'Advocate for the Elderly Award.' The New York State Bar Association, through its Elder Law and Special Needs Section, bestowed this honor and recognition upon Britt for her unwavering commitment to the advancement of the rights of the elderly and persons with disabilities.
Insights into Elder Law: Strategies for Long-Term Care Planning and Asset Protection in New York
With 10,000 baby boomers turning 65 every day, long-term care planning has become an increasingly important issue across the United States, including in New York. As the population ages, more individuals will require long-term care services and supports, highlighting the need for prudent planning to cover future care costs. There have been recent developments in New York on Medicaid eligibility rules and asset protection strategies.
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Sachem's Winter Athletes Honored
The Sachem Central School District was honored at the most recent Board of Education meeting recognizing the student-athletes, coaches and teams from both Sachem East and Sachem North for their outstanding achievements during the winter sports season.
SWR Mourns the Passing of Gilmore
Shoreham-Wading River school district lost a member of their district's family this week when Adrian Gilmore, a high school soccer coach passed away.
LoRe Adds to His Career Numbers
This week Miller Place senior goalie Christopher LoRe hit a milestone when he recorded 500th career save.