How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask John Elder Your Own Question
John Elder
John Elder, Estate & Elder Law
Category: Estate Law
Satisfied Customers: 4631
Experience:  Over 14 years experience in Medicaid, Estates, Trust.
18914223
Type Your Estate Law Question Here...
John Elder is online now
A new question is answered every 9 seconds

what if we just walk away from it all. not go into probate,

This answer was rated:

what if we just walk away from it all. not go into probate, let the bank take the apartment, and medicaid can get their money from the bank? it seems much easier to do that rather than having to go to court, etc?
there is no way the apartment will sell before we start to lose money. im not wanting that! and if i do go through with probate, im assuming i will need a probate lawyer?? or an estate lawyer?? or an elder care lawyer?
Thanks again so much
Welcome! Thank you for your question.

There is nothing wrong with this option. It even carries the least amount of risk for paying creditors improperly. If you do walk away you have to walk away from all assets. You have no obligation to do anything.

John
John Elder and 6 other Estate Law Specialists are ready to help you
Customer: replied 3 years ago.

Hi John,


My Mother also had 401k & 403b retirement plans that my sister and I both were named beneficiaries at 50% each. Can you please confirm that these are not considered assets as they had us as a named beneficiary? Is this money, now in our names, in IRAs, something that Medicaid can come after?

In 2011 Medicaid in NY expanded estate recovery to include the amount you received from the 401 and 403 accounts. However, in March of 2012 the expanded recovery was repealed. So long as your mother died after March, 2012 the amount from the retirement accounts are protected.
John Elder and 6 other Estate Law Specialists are ready to help you

Related Estate Law Questions