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We are joint shareholders in a co-op and have assets, such as investments. I have already spoken with a company that does not charge a fee for their application. I am aware of the monthly/annual income limitations. The rep mentioned putting assets into a Family Trust.
To complicate matters, I am currently on Medicaid and my healthcare expenses are covered by a Medicaid Managed Care plan.

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Unless I'm missing something, it seems the OP hasn't been back since posting.
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Reply to GardenArtist
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NYCaretaker52 Nov 22, 2020
Hello.
I posted this question and have been giving serious thought to my options. In the past, I have benefited from the services offered by the NY Legal Aid Society. Twice I have requested the assistance of an attorney in their Health Law Unit, and I was pleased with the results both times.
I am aware that an Elder Law attorney is probably the best way to deal with the Medicaid application. However, I don't have the resource to pay out-of-pocket for an attorney. Perhaps a Legal Aid attorney could help me with getting a reduced fee. I know of an Elder Law Attorney close to where I live who has a stellar reputation.
I am also deliberating as to how much involvement my Financial Planner should have in this process. I want to contact him tomorrow and give him all the details of what's been happening in the last two weeks.
I understand that Medicaid requires 5 years worth of bank statements. They also want my Mother's passport and birth certificate. The latter might not be so difficult to acquire, but the passport is another matter. My Mother and I traveled to Canada in 1984 and took a cruise in 1986. We travelled to Puerto Rico and the Virgin Islands. My Mom has not been outside the US since, and her passport has long since expired.
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I suggest getting an elder care lawyer. I was having major anxiety trying to get through the Medicaid process. Turning the process over to a professional made all the difference. My Mom was approved yesterday in 45 days from the application.
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Reply to FlannelQuilt
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Please please do not try to DIY this.
like the others I’d be wary of anyone promoting a “trust” for moving assets into involving someone (you) who is already on Medicaid
Find a elder law atty. As both you & your mom will have Medicaid concerns, I’d suggest that you find a CELA level of elder law attorney.

I’ve got to ask, why are you on Medicaid? Is it because your in a special disease category? Or your SSDI & on Medicaid due to that? Whatever the case I’d tread carefully on doing anything as Medicaid eligibility is I’d be irreplaceable for you. Really find an atty to look at what your & moms options can be for how NY administers Medicaid.
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Reply to igloo572
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NYCaretakter52, did the rep suggest preparing the trust her/himself?    I sense a hand out looking for money to enrich him/herself.   

As others have suggested, see an elder attorney to put the whole issue in perspective, but make yourself as knowledgeable as you can be so it's easier to understand and make decisions.   If reading upon on Medicaid confuses you, do it little by little, and take relaxing breaks in-between.

And do address the joint shareholder issue that Barb raised.  

I remember our first experience with rehab with my mother fell.  We attended one of those "seminars" sponsored by the rehab center.   The woman gave a soft but firm sales pitch for trusts.  Over the years, I've learned how trusts can be a gateway for greedy reps of companies (with an affiliation with an attorney who does boilerplate trusts) more interested in exploiting worried families than in providing advice applicable to individual situations.
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Reply to GardenArtist
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Don’t second guess any of this. See an attorney to put your mind at ease and find solutions.
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Reply to NeedHelpWithMom
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You do not need "a company" right now. You need a trusts and estates attorney who understands Medicaid.
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Reply to NYDaughterInLaw
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This is where I would call an attorney. People are 'scared' of attorneys, for many reasons, but when you NEED one, bite the bullet and find a good eldercare atty.

They know the ins and outs and you don't want something weird bouncing back at you in a couple of years.

Also, if you have family members who aren't easy to deal with--you refer them to the attorney. If they care that much about whatever issue--they can shell out the $$ to figure out the problem.
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Reply to Midkid58
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I would not deal with this company. They have already given you the incorrect information. As said, you can make no changes in financials within 5 years of applying for Medicaid.

I agree with Lacy. Speak with Medicaid first. Take that info and see a lawyer well versed in Medicaid.
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Reply to JoAnn29
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You need to not be "terrified" how does that help you or your Mother. If you are on Medicaid then you have knowledge of the processes and who to contact.

yuo need to make sure your educated. Not being educated you can end up with tax liabilities or other costs that getting educated on this would of prevented

1) Contact medicaid understand their conditions
2) Contact an Elder attorney attorney that specializes in Senior issues to insure the real estate is set up right
3)Contact an accountant to insure you set things up right to avoid taxes

Putone in front of the other and take action. you will feel soo much better once you understand the ins and outs and dynamics of all this
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Reply to lacyisland
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You are joint shareholders in a coop; are your other investments co-mingled?

I would contact a well-qualified eldercare attorney to do this right.
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Reply to BarbBrooklyn
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What kind of rep did you talk to? If your mom needs Medicaid now then it’s too late to put her assets in a family trust—that all has to be done before the Medicaid lookback period which is 5 years. You CAN put the assets in a family trust now but medicaid will deny her eligibility and she will have to self-pay for the nursing home until the penalty period is up.
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Reply to worriedinCali
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I was always terrified when mom fell. It’s awful. Fortunately, mom never broke any bones but it’s a process getting them up.

Mom used to be able to pull herself up. As years went by she couldn’t get up by herself and the firemen would come out to do it.

It’s terribly difficult. Some falls required hospital visits to get stitches.

I don’t know your mom’s situation. My mom has Parkinson’s disease which causes mobility issues.

It’s scary watching a parent fall. I feel for you. You have to do what you feel is best all around. Mom is with a professional staff and the burden is off of you in dealing with this situation.

Best wishes to you and your mom.
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