When you or a loved one are thinking about Estate Planning involving a Trust – particularly an Irrevocable Trust – one must consider the 5-year look-back period, especially in situations where long-term nursing home care may be needed. The look-back period is a time frame during which Medicaid reviews asset transfers for nursing home long-term care applicants.
As a result of a new legislative update, community-based services will now be impacted by New York’s Medicaid look-back rule. This would include assisted living programs, private nursing care, adult day care and the like. People who apply for community-based Medicaid programs after October 1, 2022 are now required to disclose their financial transactions over a 30-month transfer of assets look-back period. This new rule takes effect on March 31, 2024.
Having a strong Trust in place will allow you to preserve your assets, minimize estate taxes, and streamline access to government benefits. There is a lot to keep track of during this process. We welcome you to connect with MCV Law's Estate Planning team for experienced legal guidance on how to construct your Trust. We offer free initial consultations, and would be happy to help you.