The economic fallout of the COVID19 pandemic is certain to negatively impact estate planning and asset protection as we know it. The NYS budget deficit is estimated at $20 Billion.One of the cost savings measures being considered in Albany is reducing access to Community Medicaid (homecare) by extending the current one month lookback period to 2.5 years. Those considering applying for the program should do so quickly! Call us to discuss the application process and Pooled Trust to protect excess income.
Similarly, Congressional proposals to lengthen the current 5 year Nursing Home lookback to 7 or even 10 years, are closer to becoming a reality.
Asset Protection Trusts created under the current 5 year law should be grandfathered. Please reach out to us to get ‘your 5 year clock’ ticking to protect your home from future possible long term care claims. We can be sure that the State and federal government will be eyeing all possible revenue streams to patch enormous budget holes. A properly drafted trust is the only way to keep your home safe.