Overview: Medicaid & Transfer Penalties
Property Transfer Penalties in New York City
Particular penalties will be imposed if a Medicaid applicant
transfers property in order to qualify to receive benefits. These penalties are imposed to discourage people from transferring assets simply so they can apply for and receive Medicaid. This penalty is imposed as a time period during which the applicant will be ineligible to receive Medicaid. The penalty period may be determined by taking the value of property or assets transferred and then dividing this by the average cost of a nursing home in your state. There are some exceptions to this rule, however. A Medicaid applicant may be able to transfer specific property or assets to particular individuals without facing penalties.
Do you have questions about how your property and assets may affect your Medicaid eligibility? Attorney Melnik at our law firm can talk to you about these issues. We understand the many rules and regulations concerning eligibility for Medicaid and can assist you in looking at different types of asset protection that will help ensure that you qualify. We can also talk to you about particular property transfers that can be made that will not result in any penalties. In New York, the Medicaid Agency may
look back up to 5 years in your financial records to see if transfers were made in an attempt to secure eligibility for benefits.
Let Our Experience Work for You
Talking to you about your particular goals and evaluating your unique situation is an important part of the services our firm provides. We represent clients in Manhattan, Brooklyn and throughout all of New York City and can provide you with information and representation in regard to the financial and legal aspects of retirement planning. For a confidential consultation and to learn more about the possible penalties that may be imposed for property transfers made to qualify for Medicaid, contact our New York City office today!