On March 30, 2011, New York’s Final Budget Legislation amended Section 369 of the Social Services Law.

The Department of Social Services has a claim against the estate of any Medicaid recipient in the amount of Medicaid assistance issued. The value of the deceased recipient’s estate is used to repay the Medicaid benefits. This new amendment expands the list of assets that are considered to be in an individual’s “estate.” After the death of a Medicaid recipient, the Department of Social Services will be seeking to collect recovery on assets that were not previously permitted.

Prior to March 30, 2011, (more…)

Tags: estate assets, medicaid, new york final budget legislation, section 369, social services law

Uncertainty in life is a certainty. Our lives are in a constant state of flux, which requires planning in order to be in a position to address the unforeseen. Estate Planning and Asset Protection applies to almost everyone, regardless of age. As a person ages, they may be concerned about planning for the cost of their care while continuing to maintain their lifestyle, and about transferring their wealth to their children with minimal tax consequences.

Once a person has accumulated savings and wealth, a fundamental financial planning priority is to protect assets from creditors. Most people are concerned that they may (more…)

Tags: asset protection, Estate Planning, medicaid