Many New York residents might benefit from learning more about how financial eligibility for Medicaid is determined. Medicaid applicants are required to submit documentation of any assets in their possession. When states assess the applicant's financial eligibility, some of the assets will be included in calculating income, while others may be excluded. The assets typically counted towards eligibility include certificates of deposit, stocks and bonds, savings accounts and checking accounts.
New York residents who are thinking about setting up or updating an existing estate plan may be interested in the types of trusts available. These trusts, if created correctly, can help to minimize the tax burden on the estate and its beneficiaries.
People who are planning how to handle their estates and assets may find that setting up a trust may provide several important advantages to them, depending on the complexity of their estates and the goals that they have. Trusts may present an important tool that people can use in order to accomplish several different things.