This update is to alert you to recent changes in New York State law that may impact you or your family. Earlier this year the New York State Legislature, prompted by the Governor’s Medicaid Redesign Team, amended Section 369 of the Social Services Law to increase the State’s right to recover money from the estate of a deceased Medicaid recipient. The amendment expands the definition of the term “estate” to include non-probate assets, such as jointly titled bank accounts, jointly titled real property, undistributed income from irrevocable “Medicaid Trusts”, and Deed life estates that were retained by a Medicaid recipient. Retirement accounts such as IRAs and 401(k) plans may also be affected. These new provisions will impact all Medicaid recipients who pass away after September 8, 2011.
The laws and policies regarding Medicaid eligibility are constantly in flux, and while it is certain that this new law will be challenged in litigation across the State, it is best to be prepared and to plan accordingly. If you or any of your loved ones are currently on Medicaid, or may be applying for Medicaid within the next few years and have any of the above described property interests, we suggest that you call your Woods Oviatt attorney to schedule an appointment to discuss these issues.
