NEWS FLASH: NEW MEDICAID EMERGENCY REGULATIONS IN NY

I recently received a letter from eldercare attorney Ronald Fatoullah that New York State has recently issued emergency regulations that “drastically change the way Medicaid will recover against estates.” He says that the change in the law means that as of September 8, 2011, Medicaid may recover from the estates of all individuals who transferred a home subject to a life estate. Other changes impact assets held in revocable trusts and annuities. Bottom line anyone who effectuated a medicaid plan involving life estates, revocable trust and/or annuities better check with your attorney to see how these changes impact them.