Winter 2012Issue 14
Prestige Title Agency, Inc.

Prestige Title eNews

Winter 2012 

RCandRPExpanded Medicaid Estate Recovery in New York and Real Property Transfers

 

Recent changes to Medicaid asset recovery laws in New York State have expanded the manner in which the State may engage in Medicaid estate recovery.   These changes may threaten existing asset protection plans, and will affect the way in which title companies clear title. The focus of the changes have been non-probate assets, including retained life estates, revocable living trusts and joint tenancies, which have been popular tools used for limiting Medicaid recovery by New York State. These types of transfers are now subject to estate recovery and may not be relied upon to shield the assets of Medicaid recipients.

 

Under prior law, an estate for recovery purposes was limited to property passing under a will or by intestacy. A transfer of a Medicaid recipient's interest that passed outside the probate process would be beyond the reach of the state. Common transfers included a conveyance by a recipient to (1) themselves and a relative as joint tenants with rights of survivorship; (2) trustees under a revocable trust; and (3) to relatives while retaining a life estate interest.   In each of these types of transfers, the recipient was divested of their interest in the property upon the recipient's death. Since title to the property passed automatically to the remainderman when the recipient died, no estate recovery could be had against the remainderman's interest. This is no longer the case.

 

  

 

If you have any questions or would like further information regarding any of the articles in this newsletter, please contact Keith Eng, Esq. at (212) 651-1200 or keng@prestitle.com.  
 
Also, if there are any topics that you would like us to include in future newsletters, please feel free to e-mail us with suggestions at info@prestitle.com   

 

 
In This Issue
Announcements
Did you know that Prestige Title handles Commercial transactions nationwide?
 
Did you know that Prestige Title now offers Coop UCC/Plus Policy?
  
Please contact Anthony Chiellino for further details at (212) 651-1200 or achiellino@prestitle.com.
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AddlAdditional Items of Interest


Freddie Mac Clarifies Mandatory Short Sale Affidavit Requirements - Click Here 

 

 

Coop UCC/Plus Policy Now Offered by Prestige Title Agency - Click Here 

 

 

Late Payments by Referees on Real Property Tax Returns - Click Here 
 

 
If you have any questions or would like further information regarding any of the articles in this newsletter, please contact Keith Eng, Esq. at (212) 651-1200 or keng@prestitle.com.   
 
Also, if there are any topics that you would like us to include in future newsletters, please feel free to e-mail us with suggestions at info@prestitle.com.    
 
 
Prestige Title Agency, Inc. provides Commercial and Residential Title Services Nationwide. For more information, please contact Anthony Chiellino at (212) 651-1200 or achiellino@prestitle.com
 
 
15 W. 39th St. 10th Fl. New York, NY 10018 Tel (212) 651-1200 Fax (212) 651-1201
Member of New York State Land Title Association Member of American Land Title Association