| EXCESS INCOME QUESTION:
CLIENT QUESTION:
I understand that New York exempts the first $1752 when applying for Community (non-institutional) Medicaid. Am I correct in the fact that If I get $2200 a month in SS benefits, I will never qualify for Medicaid? If that is true, then there’s no point in even trying to do Medicaid planning. I also have annual RMDs from IRAs and some interest and dividend income.
MY RESPONSE:
You are totally INCORRECT! Proper planning will protect your assets. Proper advice will protect your excess income as well, through the use of a POOLED TRUST. With a pooled trust, your excess income can be paid to the trust each month. The trust will, in turn, pay your monthly bills. Depending upon the amount of income you have, you may be able to get Medicaid and still have use of all of your income.
GET PLANNING!
I hope this helps. |
