Ingold & Ekman LawIngold & Ekman Law2026-06-10T09:56:35Zhttps://www.ingoldekman.com/feed/atom/WordPress/wp-content/uploads/sites/1405078/2022/06/cropped-ingold-site-icon-32x32.pngOn Behalf of Ingold Law PLLC<![CDATA[2026 New York Medicaid planning guide: Limits, penalty periods and Buffalo considerations]]>https://www.ingoldekman.com/?p=2548032026-06-10T09:56:35Z2026-06-10T09:39:00ZLong term care planning often involves more than reviewing Medicaid eligibility rules. You may also need to consider how income, assets and government benefits work together as you prepare for future care needs. As 2026 brings updated Medicaid and benefit figures, understanding these changes may help you make more informed planning decisions, especially if you live in the Buffalo area.
How do the 2026 Medicaid penalty periods work?
New York Medicaid may impose a penalty period if you transfer assets for less than fair market value before applying for nursing home Medicaid. The state calculates the penalty period by dividing the value of the transferred assets by the average monthly cost of nursing home care in your region.The 2026 regional rates include:
New York City: $15,282 per month
Long Island: $15,193 per month
Northern Metropolitan Region: $15,024 per month
Rochester Region: $15,675 per month
Northeastern Region: $14,783 per month
Central Region: $14,146 per month
Western Region, including Buffalo: $13,765 per month
As a result, the same transfer amount could lead to a different penalty period depending on where you receive care.
What are the 2026 income, asset and home equity limits?
Medicaid eligibility generally depends on both your available resources and your monthly income. Several limits increased in 2026, which may affect your planning options.For nursing home Medicaid, the applicant resource allowance is $33,038, while the applicant income allowance is $50 per month. A community spouse may keep resources up to the maximum allowance of $162,660 and monthly income of up to $4,066.50. In addition, the home equity limit for a primary residence increased to approximately $1,130,000.Community based Medicaid programs use similar financial thresholds. The applicant resource allowance is $33,038 and the applicant income allowance is $1,836 per month. These updated figures may play an important role when evaluating eligibility for home care benefits.
How do Medicare, Social Security, veterans benefits and taxes fit into planning?
Several government benefit programs and tax thresholds changed in 2026. Consequently, these updates may affect your broader financial picture and long term care planning efforts.The following updates may be relevant:
Social Security benefits increased by 2.8% through the annual cost of living adjustment.
Veterans Aid and Attendance benefits may provide up to approximately $2,424 per month for a single veteran, $2,874 per month for a married veteran and $1,558 per month for a surviving spouse.
Medicare Part A includes a hospital deductible of $1,736 and skilled nursing facility coinsurance of $217 per day for eligible days 21 through 100.
The annual gift tax exclusion remains $19,000 per recipient.
The federal estate tax exemption increased to $15 million per individual.
New York’s estate tax exemption increased to approximately $7.35 million per individual.
Because these programs and thresholds often interact with long term care planning, it may help to review them together rather than in isolation.
Keeping pace with changing Medicaid rules
Medicaid planning often involves several factors, including eligibility limits, asset transfer rules and government benefit programs. Since financial thresholds can change from year to year, staying informed about current figures may help you better understand how long term care planning fits into your overall financial goals.]]>On Behalf of Ingold Law PLLC<![CDATA[Considerations when choosing a trustee for your irrevocable trust]]>https://www.ingoldekman.com/?p=2547762024-04-03T07:12:21Z2024-04-08T07:12:07ZBase trustee selection on several key factors
Trustees take legal ownership of trust assets, manage them and distribute assets at the appropriate time. When selecting trustees as part of the estate planning process, you must consider the different types of trusts and responsibilities that come with each. Before naming a trustee, consider these four questions:
Does the individual have enough time to devote to trust tasks?
Can the trustee remain objective about their responsibilities?
Does the individual have expertise in accounting, banking, law or another related field?
What costs will your trustee incur?
Serving as a trustee takes tremendous work and knowledge of the tasks at hand. Those developing estate plans often want a trusted friend or family member to handle their wishes. However, such individuals may not have the capacity or knowledge for the job. In such cases, consider naming co-trustees, with one being a professional administrator. Professionals often charge a fee equal to a percentage of the trust assets, so keep this in mind when enlisting professional help.
Why you need more consideration with irrevocable trusts
Assets placed in trusts bypass probate because you don't own them. The trustee does. Trusts fall into two general types: revocable and irrevocable. With a revocable trust, you can change the terms at any time and even dissolve it. That is not the case with an irrevocable trust. To change the terms, including the trustee, you must go through court hearings, which can be a lengthy process.
This is why you must take greater care when selecting a trustee for any irrevocable trust. Thoroughly review your decision before signing any documents. You'll want to consider your trustee selection permanent to avoid any future problems and additional costs you or your heirs may incur.]]>On Behalf of Ingold Law PLLC<![CDATA[The importance of estate planning for entrepreneurs]]>https://www.ingoldekman.com/?p=2547792024-04-02T04:09:41Z2024-04-05T04:09:08ZWhy entrepreneurs need estate planning
If you are an entrepreneur, you have worked hard to build your business. You do not want that to go to waste when you are not here any longer. Estate planning makes sure your business can keep running without difficulty in your absence. It also helps your family and employees know what to do next. Furthermore, engaging in this process can save them a lot of trouble and money when it comes to taxes and legal obligations.
Important parts of estate planning for entrepreneurs
There are a few major things you must think about during the estate planning process. First, you need to create a will. This is a document that says who gets what. You can also pick someone to oversee following your instructions. Next, you should consider putting assets into trusts. These can help manage your business and personal assets better. They can also help reduce taxes and make sure your stuff goes to the right people without too much hassle. Then, you need to designate a power of Attorney. This lets someone you trust make decisions for you if you cannot make them yourself. Finally, you should craft a succession Plan: This is all about your business. It outlines who will take over and run things if you cannot. It's a way to keep your business alive and well, even when you are not there.
Getting started with estate planning
Estate planning for entrepreneurs might sound complicated, but it does not have to be. The first step is just to start thinking about what you want to happen. Then, start the planning process by writing things down and organizing your thoughts. Then, put the plan into action.
By planning ahead, you can help your business and your loved ones be on solid footing even when you are not around to take care of them. This is a big part of being responsible for what you have built.]]>On Behalf of Ingold Law PLLC<![CDATA[Understanding Medicaid and nursing home care]]>https://www.ingoldekman.com/?p=2547732024-03-14T09:27:09Z2024-03-19T09:26:52ZHow Medicaid helps with nursing home costs
Medicaid can cover the cost of nursing home care for people who do not have enough money to pay for it themselves; however, not everyone qualifies right away. Medicaid has specific rules regarding the amount of money and types of assets you can own to qualify for assistance. This is where things get tricky because Medicaid looks at what you have done with your money and property in the past few years to decide if you qualify.
The Medicaid look-back period
Medicaid's look-back period is a rule that checks if you've given away money or sold things for less than they are worth to qualify for Medicaid. Right now, the look-back period is five years. If you have done anything like this, you might have to wait a bit before Medicaid will help pay for your nursing home care. Understanding this rule along with familiarizing yourself with elder law is crucial for planning ahead.
Planning is key
Thinking ahead about how you will pay for nursing home care is really important. By understanding how Medicaid works and what you need to do to qualify, you can make sure you are taken care of in the future. Also, do not be afraid to procure support if you need it because the planning process can be daunting.]]>On Behalf of Ingold Law PLLC<![CDATA[Was artificial intelligence used to deny insurance coverage?]]>https://www.ingoldekman.com/?p=2547702024-02-23T05:19:17Z2024-02-28T05:18:59ZInsurance companies warned not to use AI to deny care
The Centers for Medicare & Medicaid Services has warned health insurers not to use AI or algorithms to analyze a case and determine whether to approve or deny care. A memo was sent to clarify the rules for people who have Medicare Advantage.
Many lawsuits have accused insurance companies of using AI to justify denying claims. These were primarily done when caring for elderly people with Medicare Advantage.
Companies use their version of AI – nH Predict – to make these decisions. It is believed to be manipulated to minimize how long a person needs hospitalization, nursing home care and rehabilitation. The software is not gauging the entire case on an individual basis. Instead, it looks at relatively few factors for its decision.
This does not mean that using AI should stop. It means insurers can only use it to ensure they adhere to the rules. With elder law, this can be viewed as a fine line that insurance companies might try to use to deny claims.
Questionable insurance denials must be scrutinized
People who are denied care or do not have the amount of care they believe was necessary because of AI-based formulas should make sure they are treated fairly. Since this can result in worsened condition, injuries, illness and even death, people should be aware of what options are available to hold those who used these tactics accountable.]]>On Behalf of Ingold Law PLLC<![CDATA[Incorporating your pets into your estate plan]]>https://www.ingoldekman.com/?p=2547672024-02-12T06:20:31Z2024-02-15T06:20:18ZIdentify caretakers
Specify in your will who will care for your pets when you are gone. Make sure the people whom you choose will respect your wishes and possess the same values you do.
Provide financial support
Set aside some of the funds from your estate to provide for the needs of your pets. Needs include veterinarian care, food, toys and other creature comforts. Specify in writing how you want the funds to be allocated.
Set up a pet trust
Just as there are trusts for people, there are trusts for pets as well. A pet trust is a legal arrangement that will ensure your pets will have proper care and support. During the estate planning process, specify who you want to oversee the trust. In many cases, this will also be the same one who cares for your pets.
Write detailed care instructions
Craft a document that outlines instructions for your pets’ care. Include their dietary requirements and preferences, daily routines, medical history and other necessary requirements.
Provide information for Handling emergencies
Outline clear instructions for how to handle emergencies when they arise. Provide your veterinarian’s contact information along with any other preferred emergency animal hospitals where you want your pets to receive care in the event their primary vet clinic is closed.
By incorporating your pets into your estate plan, you can guarantee their well-being and happiness even when you're no longer there to care for them. Thoughtful preparation will ensure everything runs smoothly.]]>On Behalf of Ingold Law PLLC<![CDATA[Revocable beneficiaries in New York estate planning]]>https://www.ingoldekman.com/?p=2547612024-02-01T05:54:19Z2024-02-06T05:54:04ZWho is a beneficiary?
A beneficiary is an individual or an entity designated to receive the rights or ownership of somebody else's property. Most of the time, people issue these benefits as part of an inheritance. You can name them in retirement, insurance, bank, brokerage and other financial accounts.
Designating beneficiaries distribute your assets accordingly after your demise. It is also another easy and reliable way of protecting your loved ones when you can't do it physically. Take your time to understand the two types of beneficiaries and choose accordingly.
Meaning of a revocable beneficiary
A revocable beneficiary is a person from whom you can withdraw entitlement to your assets or life insurance proceeds. However, this can only happen when you're still alive. With their approval, you can remove such a beneficiary from your policy for any reason and at any time. Revocable beneficiaries can't access or make any changes to your policy.
With a revocable beneficiary, you can increase or decrease the portion of the death benefit entitled to them. This type of beneficiary is common as time and circumstances often lead to will changes. Although the freedom to change policies is essential, it might sometimes become complicated.
Understanding an irrevocable beneficiary
An irrevocable beneficiary has complete rights to the policyholder's life insurance. Even if you make some policy changes, an irrevocable beneficiary will still have entitlement to the death benefits. The only way to remove an irrevocable beneficiary from your policy is if they agree. This highly complex scenario involves more than calling an insurance company with a new beneficiary's name.
You will need to involve legal practitioners to have the policy changed successfully. Many parents name their children as irrevocable beneficiaries. The problem might, however, arise in cases of divorce where you named a spouse as an irrevocable beneficiary.
The key benefit of an irrevocable beneficiary is its permanency. Therefore, you should take time to identify a reliable person to take that position. Appoint someone who will meet your goals and protect your assets and other interests.]]>On Behalf of Ingold Law PLLC<![CDATA[Estate planning tips for parents of disabled children]]>https://www.ingoldekman.com/?p=2547642024-01-31T05:30:54Z2024-02-05T05:30:36ZTheir needs
It is important to assess your disabled child's capabilities and needs. For example, consider what kind of housing they need. They may be able to live independently, or they might need to live in a group home where they can get more support. Are they able to work? Can they manage their own money? How much supervision do they need in general? The answers to these questions will help shape your plan for them.
Special needs trust
A special needs trust will allow your child access to assets without affecting their ability to get government assistance. You would name a trustee who manages the trust. This can be a friend, family member or a professional. A trust can be used in conjunction with an Achieving a Better Life Experience account for greater autonomy.
Housing and care
Unless you plan to leave your home to your child, it is better to move them into their new housing situation when you are still in a position to help them settle in, provide any support that they may need and see whether it works for them. You may want to choose someone to be your child's guardian, but if they do not need this level of support, you may want to give someone power of attorney or choose a supported decision-making model.
It can be difficult to think about your child needing to navigate the world without you, but doing so will help you ensure that the tools they need are in place. Once you have a plan, review your estate plan regularly to make sure it is still consistent with what your child needs.]]>On Behalf of Ingold Law PLLC<![CDATA[Is there a way to shorten the probate process for your heirs in New York?]]>https://www.ingoldekman.com/?p=2547582024-01-19T07:46:34Z2024-01-24T07:46:07ZOrganizing your estate plan
Organization is essential for effective estate planning. You need to record your passwords, pin numbers and other valuable information that your executor will need to process your estate. Some testators forget to include their social media passwords and inform their heirs of what they want to do with their social media accounts. You might want to close your social media profiles or keep them up for the memories, but your executor needs access to carry out your wishes.
Making a list of your assets and debts in a spreadsheet is helpful in speeding up the probate process. By law, executors must pay off certain estate debts and give creditors time to make claims against the estate. After they resolve any required debts, they can distribute the remainder among your heirs in line with your wishes.
Estate planning strategies
Most financial accounts allow you to name a beneficiary. When you do this, the account will automatically transfer to your beneficiary after your death, which will eliminate the need for it to go through probate. Similarly, you can look into transfer-on-death deeds to transfer real estate to your beneficiaries immediately after your passing.
Life insurance policies are another estate planning tool that aids in skipping probate. Payable-on-death designations are also possible with many financial accounts if you'd like to split the proceeds between more than one beneficiary. Some credit unions offer this estate planning strategy.
How well you set up your estate plan impacts how long probate takes for your heirs. A longer probate process is not only more stressful but also more expensive. You must keep your estate plan optimized, updated and organized to prevent any hiccups.]]>On Behalf of Ingold Law PLLC<![CDATA[Advantages of trusts for families and the elderly]]>https://www.ingoldekman.com/?p=2547552024-01-04T04:28:04Z2024-01-10T04:27:26ZExpedite the process of settling your estate
When you choose to establish a trust, it is often much easier to bypass probate, which will help to settle your case while dividing assets fairly much quicker. If you want to streamline the dividing up of your assets once you are no longer capable of doing so yourself, a trust will guarantee the process.
Privacy for loved ones
One reason to consider setting up a trust when it comes to estate planning is to preserve your loved one's privacy, especially during their time of grieving. If you do not want your financial records disclosed to the public along with information about your assets, setting up a trust is highly advisable.
Minimize estate taxes
One of the most appealing benefits of a trust is to minimize estate taxes and burdens that will inevitably fall on your loved ones once you are no longer around. Certain types of trusts may provide more benefits than others. Speaking with a legal representative regarding ILITs, also known as Irreocable Life Insurance Trusts and QPRTs, or Qualified Personal Residence Trusts can go a long way in determining which type of trust is right for you, your loved ones, and the type of assets you've invested in throughout your life.
If you want to ensure your assets are divided fairly with a streamlined process once you are no longer around, now is the time to begin pondering your trust and estate plan.]]>