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July 2009 Archives

Medicaid 101: Transfer Doesn't Count Until You Make It

Grandma owned savings bonds, and named Mom or one of the kids as the joint owner. In 2001, Grandma handed the bonds over to Mom for safekeeping. However, the bonds weren't cashed in until 2005. In addition, when the bonds were cashed in, the proceeds were deposited in a joint bank account in the names of Mom and Grandma. When Grandma applied for Medicaid later in 2005, the gift of the bonds didn't "count" until they were actually liquidated (i.e., 2005, well within the look-back period), any money in the joint bank account was considered to belong to Grandma, and the Department of Health denied Grandma's application. The motto of both Medicaid planning and estate tax planning should really be "you can't have it all." You can't have control of the money (i.e., have it be in your name) and also have the benefit of having given it away (i.e., have it not be in your name). Read further at Matter of Padulo v. Reed (63 A.D.3d 1687, 2009). 

  • I wanted to write to say how pleased my wife and I were at your professional handling of our estate planning and preparation of new wills. We were put at ease by your visit to our home for an interview and were pleased that you listened to us and captured the things that we felt were important.

    --Robert and Christine Simonson, Fairport
  • In order to finalize the documents we came to your office and were greeted in a very professional manner and we could not have asked for finer service. We left with copies of everything we needed and feel very confident our needs have been met. Thanks again. We will surely recommend you should the opportunity arise.

    — Christine and Robert Simonson, Fairport
  • I have been working with Weinstein & Randisi for about two years now. Elizabeth Randisi, through a very thorough process, has helped my wife and me determine what is really important in our lives. Thus, we were able to draft a living will that reflected our most important values regarding our estate.

    --David and Ajia Cherry, Fairport
  • I would like to give a testimony for Elizabeth Randisi, an estate attorney with Weinstein & Randisi. Her knowledge of wills and estate planning was clearly demonstrated in her presentation to us. Realizing our need for a will, my husband and I went to see Elizabeth.

    --Kathy and Gary Gray, Webster
  • Filing for Medicaid is never an easy or fun process. However, working with the Weinstein & Randisi firm made the process simple and streamlined. We were able to obtain all files and records regarding Medicaid enrollment within a few days using specially prepared checklists and verbiage recommended by our assigned paralegal.

    --Ajia and David Cherry, Fairport
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