Legal Question in Wills and Trusts in New York
Elderly person A becomes seriously ill and has limited resources to pay for care. In NY state, how far in advance would person A need to have tranferred real estate property (not primary home) to person B before Medicare/medicaid could claim that property for Person A's medical care expenses?
Asked on 1/12/11, 4:49 am
1 Answer from Attorneys
You will need to look at the person's entire estate, not just the real estate, when determining the penalty period for Medicaid eligibility. There's a state "penalty divisor" that would determine the amount of time the person would be disqualified. BTW, transferring the house may be a bad idea, because there may be away to qualify, save the house, and not incur as high of a penalty period.
Dave
http://nylegaladvisor.com
Answered on 1/17/11, 6:44 am
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