Stephen Jay Silverberg's Answers

How does the $750,000 home equity exemption for Medicaid in NYS for home health care work? What happens if home is worth more?

The $750,000 equity cap is absolute. If you have more than $750,000 you are not eligible for Medicaid benefits. You can reduce the equity by taking a line of credit or a reverse mortgage. That would reduce the equity and eliminate the bar. Of course, you would still have to deal with your resources but at least the house is no longer an obstacle. Stephen J. Silverberg

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Our mother died but was on medicaid. Can her house be transferred over to her son who is disabled without paying back medicaid?

A transfer to a disabled child is an exempt transfer for Medicaid eligibility purposes and would also prevent recovery. However, unless your Mother left the house to your brother, the can be repercussions. If your mother had no will, each child owns an equal share in the house. If your brother continues to live in the house you may be OK. You may also be able to transfer all interests to your brother who can then establish a trust for himself. Understand these are just thoughts off...

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Waiver of Citation, Renunciation and Consent to Appointment of Administrator?

based on what you have said, your father died without a will. As a result, his next of kin have a right to apply for letters of administration. In other words, you have as much right to the administrator as your sister. If you sign the document, you're waiving your rights and allowing your sister to act as administrator. However, in most cases the Court will require her to file a surety bond to insure her performance. Additionally, when the state is settled, she will have to prepare a formal...

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Does the executor need permisson to disburse payment to beneficary

As long as 7 months have passed since the executor was appointed, and the executor is satisfied that all liabilities have been accounted for, the executor is free to distribute the estate assets. Usually, the executor will prepare a short accounting to show what came in and what went out. At the time of distribution, the beneficiary will be asked to sign a Receipt, Release and Funding Agreement. The first 2 items are straightforward - you are acknowledging you got the money and are...

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I am a beneficiary of my fathers estate and signed a agreement to settle the account.

Three years of income tax returns and agreement generally does not usually constitute an effective accounting. Understand an Accounting in this context is a legal document; it is a noun and really has no connection with an accountant. An Accounting is a reconciliation of the trust from the date it began until the date the accounting with the court. It shows the shows the original assets of the trust, what was sold, bought and received. It must show all income received and paid out to...

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New York: Trust

Yes he can. he must file a renunciation pursuant to the terms of EPTL 2 — 1.11. This basically involves the preparation of a written renunciation that is filed with the Surrogates Court and notices given to the remaining beneficiaries. However, such a renunciation is treated as a gift of the renounced property unless it is renounced within 9 months of the creation of the trust and the terms of both the New York statute and Internal Revenue Code section 2518 are followed.

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Can I exclude my son-in-law from inheritance?

The only person is your spouse. you're not obligated to leave anything to anyone, including your children. Not only can you cut out your son-in-law, he does not even have the right to challenge your will.

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Is final accounting of a probated Will mandatory in New York State, and is it a matter of public record?

NY does not "require" a you to file a final accounting. However, if one is not filed, the statue of limitations for claims against the estate does begin to run. This is a case I had: Grandpa died in 1972 with an estate over $3 million (real money back then). Grandma ans son were co-executors and trustees. Will provided that son of daugher receive $800/month beginning at age 18. Grandson comes to see me in 2006. Grandma had just died and son (his uncle) had never paid him a cent. I...

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We are planning to purchase property in florida in one of our kid's name with cash from our house sold in NewYork. How to do?

Presently, the lifetime gift tax exclusion is $5 million. While you will have to file a gift tax return, but there will be no tax due. Also, the estate tax credit is also $5 million reduced by any lifetime gifts (only to the extent they exceed $13,000 per donee per year). There is a likelihood that the credit will be reduced - possibly to the $3.5 million credit in effect in 2009. If this occurs and your joint assets are less than $7 million and you have a proper estate plan, there will...

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Can a landlord force my Mom to pay rent?

Usually most assisted living facilities will allow a companion to stay in the same unit with a resident. They not charge the aide as a residence but charge enough to cover the aide's meals and other services. It usually is relatively low amount. For example there is a facility near here that charges $5,500/month but will allow an aid to live there for $1,100/month Stephen J. Silverberg

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