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

let the bank take the...
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
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Answered in 14 minutes by:
2/21/2013
John Elder
John Elder, Estate & Elder Law
Category: Estate Law
Satisfied Customers: 4,631
Experience: Over 14 years experience in Medicaid, Estates, Trust.
Verified
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
John Elder, Estate & Elder Law
Category: Estate Law
Satisfied Customers: 4,631
Experience: Over 14 years experience in Medicaid, Estates, Trust.
Verified
John Elder and 87 other Estate Law Specialists are ready to help you
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Customer reply replied 4 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 However, in March of 2012 the expanded recovery was repealed.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
John Elder, Estate & Elder Law
Category: Estate Law
Satisfied Customers: 4,631
Experience: Over 14 years experience in Medicaid, Estates, Trust.
Verified
John Elder and 87 other Estate Law Specialists are ready to help you
Ask your own question now
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John Elder
John Elder
John Elder, Estate & Elder Law
Category: Estate Law
Satisfied Customers: 4,631
4,631 Satisfied Customers
Experience: Over 14 years experience in Medicaid, Estates, Trust.

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