Q: If my wife and myself have durable Power of Attorney for each other does the 5 year look back period apply.
If my house is in a trust and one of us needs long term care will any cash, stocks, bonds, etc be taken by the state or can it be transferred away.
A: There's more than one way to own property. Self-settled trusts are subject to the 5 year lookback period. You should retain counsel to come up with a better plan than what you have right now.
A:
First, you are confusing different terms. 5 year look back provision applies to Nursing Home Medicaid only. Power of attorney allows you to act on someone else's behalf.
We need to review your trust and see if its Revocable or Irrevocable to determine if the 5 year look back provision will apply.
Sincerely,
Inna Fershteyn
Law Office of Inna Fershteyn and Associates, P.C.
1517 Voorhies Ave, Suite 400
Brooklyn, NY 1123
tel: 718-333-2394
fax: 718-701-8859
www.BrooklynTrustandWill.com
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