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Areas of Practice
Elder Law
Medicaid Fraud
Medicaid
Advance Directives
Application for Nursing Home Benefits
Asset Protection
Asset Test
Charitable Planning
Community Medicaid vs. Long Term Care
Competency and Capacity Designations
Disability
Estate Recovery
Excess Income Trusts
Income Test
Inheritance and Estate Tax
Insurance and Financial Planning
Lawsuit Settlements
Life Care Planning
Long Term Care
Look Back Periods
Medicaid Appeals
Medicaid Applications
Medicaid Asset Protection Trusts
Medicaid FAQ
Medicaid Planning
Medicaid Surplus Income
Medicaid Transfers
Nursing Home Law and Litigation
Nursing Home & Assisted Living Facility Residents’ Rights
Patient Advocates
Pension Planning
Retirement Planning
Rules for Eligibility
Social Security
Special Needs Trusts
Supplemental Needs Trusts
Transfer Penalties
Veterans Aid & Benefits
Wills and Trusts
Russian

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!

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The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.