So, Medicaid Wants Your New York Estate? Not So Fast, Big Apple!
Living in the Empire State comes with its perks: Broadway shows, delicious bagels, and enough pigeons to rival a Hitchcock film (okay, maybe that's not a perk). But what happens when you need a little help with long-term care and Medicaid comes knocking? They might eye your digs a little too closely, leaving you wondering: Can Medicaid swoop in and steal your jointly owned New York home?
Well, settle down with a nice egg cream, because things aren't as dire as they seem. Here's the skinny on Medicaid and jointly owned homes in the Big Apple:
Not All Joint Ownership is Created Equal
Think of joint ownership like a fancy ice cream sundae. You and your co-owner(s) are the scoops, and the house is the cherry on top. But the type of sprinkles you use – tenancy in common or joint tenancy with right of survivorship – makes all the difference.
- Tenancy in Common: This sundae lets each person enjoy their own scoop (ownership percentage) independently. When one scoop melts (dies), their share goes wherever their will dictates. Here, Medicaid might try to claim the deceased's portion of the house.
- Joint Tenancy with Right of Survivorship: This sundae is a bit more communal. All the scoops kind of mush together (ownership is shared equally), and when one scoop melts, the others magically grow bigger (the surviving owner inherits the entire house). In this case, Medicaid usually chills with taking the house while the surviving co-owner is still living there.
But Wait, There's More! (The Not-So-Sweet Part)
Now, before you do a victory dance and order a whole cheesecake, remember: New York is a bit of a wildcard when it comes to Medicaid estate recovery. Unlike some states with a "look-back period" (where they check for suspicious asset transfers), New York currently doesn't have one. However, they can still try to recover funds from your estate after you pass away, including a portion of your jointly owned home.
The Bottom Line: Talk to an Elder Law Attorney
This is where things get a little complicated, and legal advice is your best friend (besides that everything bagel, of course). An elder law attorney can explain the intricacies of Medicaid in New York and help you develop a plan to protect your assets, including your jointly owned home.
## Frequently Asked Questions (Because We Know You Have Them!)
How to figure out what type of joint ownership I have on my house? – Crack open those old closing documents or chat with the title company that holds your deed.
How to protect my jointly owned home from Medicaid recovery? – An elder law attorney is your secret weapon! They can explore options like life estates or Medicaid planning trusts.
How to know if I even qualify for Medicaid? – This depends on your income and assets. Check with your local Department of Social Services or visit the Medicaid website.
How to avoid the stress of navigating Medicaid altogether? – Wishful thinking! But seriously, planning ahead with an attorney can make the process much smoother.
How to find a good elder law attorney in New York? – Ask your friends or family for recommendations, or check online directories from reputable legal organizations.
Remember, with a little planning and some legal guidance, you can keep your New York home (and that delicious everything bagel) safe and sound, even when Medicaid comes knocking.
