Re: Elder law

There is a "look back" period in NY for any transfers of assets prior to applying for medicaid. Depending on the type of transfer 3-5 years. Do not transfer anything until you speak w/ elder law atty. Do not ask the nursing home admissions employee. See an atty.

Re: Elder law

Unfortunately, your questions are not easily answered. I would recommend that you consult an attorney because he/she must analyze all of the facts and circumstances of your particluar matter.

All the best.

Re: Elder law

The laws and qualification procedures are quite complicated. There are asset and income tests that need to be met, with exclusions since your Mom will be remaining in their home. A great deal of financial information needs to be analyzed to properly answer your questions, including an assets analysis (types of assets, net values, who owns them and how, etc.), plus an income analysis (income from investments, social security, pentions if any, etc.). I suggest you contact someone familiar with NY elder law, but you will need this information to get an answer. As to a Will or trust, if your father is no longer competent, does your mother have a Power of Attorney from him? If so, how extensive is it? She may be able to do documents for both Medicaid and estate planning for both of them if she has a POA. If not, she should do her own planning and create the necessary documents. In all cases, use an attorney who specializes in these areas, and familair with NY law.

Re: Elder law

This must be a very difficult time for you. However, the law understands that this is often a common situation and has provided tools to assist you.

The 'Trust' is a necessary tool in your situation. If you feel a nursing home is best for your father with alzheimers, then you will want to qualify for medicaid.

That means that you must start your 'financial planning' as soon as possible. The sooner you start, the more money you will save.

You are welcome to a consultation for no fee.

Re: Elder law

Speak to an admissions counselor at one or more nursing home.

Your Dad may not be competent to sign a Will or Trust. Your Mom should have one.

Re: Elder law

There are a number of ways to transfer the home so that medicaid would not count its as an asset, or have a lien against it when your parents pass. You need to speak to an Elder Law/Medicaid Law expert, not a nursing home admission agent. Their main goal is to be sure the home gets paid not protect family assets, though they may have knowledge that can help.