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Do you know the Medicaid exemption amounts for New York

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State for the Community Spouse...
Do you know the Medicaid exemption amounts for New York State for the Community Spouse and the Nursing Home Spouse?
Submitted: 3 months ago.Category: Tax
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Answered in 14 minutes by:
4/2/2018
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 3 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,627
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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The following “resources” are exempt from Medicaid when there is a spouse at home (the “community spouse”):

  • The home up to a value of $840,000
  • $75,000 to $120,000 in resources
  • One automobile
  • Prepaid funeral and burial for applicant and spouse
  • Household furniture, personal effects, jewelry with sentimental value
  • IRA’s, 401(k)’s and other qualified plans, provided they are paying out a monthly income
  • Annuities paying out a monthly income naming spouse as primary beneficiary
  • Medicaid Asset Protection Trust (MAPT) assets, if held in trust more than five years
  • Assets in trusts set up by someone other than the applicant
  • Supplemental Needs Trusts (also known as “Special Needs Trusts”) for the benefit of a disabled person under age sixty-five
  • Pooled trusts for disabled persons subject to county DSS approval
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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 3 months ago

When there is no spouse, the resource allowance falls to about $14,850. The home is longer needed by the applicant, is no longer exempt. Nevertheless, the home may still be protected if an adult child was living in the home and caring for the parent for the two year period immediately prior to the parent entering the nursing home under the “primary caregiver” rule.

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