In less than 30 days, recent changes to the New York State budget may significantly impact your estate planning!
See our previous announcement below for more information:
New York State has passed the 2020 State budget Bill which includes changes to the Medicaid program covering home and community-based services:
- Starting October 1, 2020, all new applications for Medicaid community-based (home care) benefits will be subject to a 30-month (two-and-half-year) lookback period when analyzing an applicant's resources and income.
- If transfers are found within 30-months (two-and-half-years) prior to the date of submission, a transfer penalty or waiting period will be applied before services can be granted.
The effective date is October 1, 2020; all Medicaid home care applications filed after October 1 will have to provide 30-months of financial statements for all resources.
Please note that the lookback period for Medicaid nursing home benefits remains unchanged at a full 60 months (5 years).
Grimaldi & Yeung LLP will continue to bring you important news and about elder law, Medicaid, and estate and tax law to ensure you have the latest updates which may impact you and your family, especially in these unsettled times when health care is of vital importance.
Please call our office anytime for assistance in the Medicaid Planning process at (718) 238-6960 or email@example.com, and we will be happy to schedule an appointment with one of our attorneys.