Changes to the Medicaid program in New York can have a big effect on estate assets and planning. New regulations that were put into place in early September allow for the state to recover costs spent on an individual’s Medicaid services. Estate recovery of these costs can come from any assets that pass via a will, intestacy, or real and personal property.
Previously, only probate assets were subject to an estate recovery of Medicaid costs. But now that joint accounts, annuities, life estate interests in deeds, and other assets are now subject to estate recovery, individuals and their loved ones need to get legal guidance to review their estate plans and protect their assets even more. The changes in New York are due to budget laws that were passed earlier in the year.
Since these regulations are so new, individuals should seek a qualified elder law attorney and estate planning attorney. If you already have a trust or deed with a life estate, a skilled estate planning lawyer can review your existing plans and assets too.
Littman Krooks LLP counsels individuals and families on how to access government benefits such as Medicaid while protecting assets. Our New York City, White Plains and Fishkill estate planning attorneys and elder law attorneys are accomplished in comprehensive estate planning including these new regulations, probate matters, and asset protection. To learn more about New York estate planning, visit http://www.littmankrooks.com/estate-planning/ or www.elderlawnewyork.com