Medicaid Asset Protection Trust Myths

Why don’t more people do the Medicaid Asset Protection Trust (MAPT)? The answer is that clients often get the wrong advice from well meaning but ill informed professionals, family and friends. Here are some of the most common MAPT myths.

1. You Can’t Sell the House. The MAPT may sell the house at any time. The money is paid to the MAPT. You may invest the money and use the income for a rental or you may purchase another residence in the name of the MAPT. The five year clock does not start over.

2. You Lose Your Property Tax Exemptions. Properly drafted MAPT’s preserve your Senior, STAR and Veteran’s exemptions as well as the exemption from capital gains on the sale of the primary residence —$500,000 for a couple or $250,000 for a single person.

3. It Takes Five Years. While it takes five years to protect ALL of your assets from long-term care in a facility, the time “pro rates”. For example, if you have to go into a nursing home four years after you set up the MAPT, you only have to pay for the one year that is left. tions to let their peers know that they were loved. Students also created a chapter book to represent this year’s theme. Each student wrote about an event in their lives that was challenging, an event that had a positive impact, a good memory, and ended their chapter with something that they are looking forward to in the future.

4. You Can’t Get Your Money. The trust pays you all of the income. Principal may be gifted from the trust in any amount to any of your heirs.

5. The MAPT Cannot Be Revoked. Strange as it may seem, in New York you may revoke an irrevocable trust. Here’s why. It’s irrevocable because you, the grantor, cannot revoke it alone. However, New York has another rule on the books that says that if every person named in the irrevocable trust agrees in writing that they no longer want the trust, then you may revoke it on consent of all the named parties. Since that is just you and your adult children, it is usually a simple matter to accomplish. If a child won’t sign, we simply amend the trust to remove them and then their signature is no longer needed.

“P.S. I Love You Day provides a wonderful opportunity to educate our students about the importance of mental health,” said Superintendent Don Sturz.

“Too often, young people have trouble expressing their concerns, fears, confusion, and emotions. They are experiencing feelings they’ve never had before and don’t understand. That can lead to depression, behavioral problems, and in extreme instances, the unthinkable –suicide. In our district, teaching our students about the importance of mental health is part of our social-emotional curriculum.”

–Juan Lasso

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VALLEY STREAM

UNION FREE SCHOOL DISTRICT THIRTEEN NEWS RELEASE TC \l1

TRANSPORTATION FOR PRIVATE AND PAROCHIAL SCHOOLS TC \l2 2023-2024

As per Education Law, Section 3635, the District must legally provide transportation for District children in grades K-6 attending private/parochial schools. Kindergarten children must be five (5) years of age as of December 1st, 2023.

• The parent must submit a written request for transportation each year and include the child’s name, date of birth, grade, and school.

• The request must be submitted to the Transportation Department of Valley Stream School District Thirteen at 585 N. Corona Ave., Valley Stream, NY 11580 on or before APRIL 1ST 2023 for the school year beginning September 2023.

If your child qualifies for transportation, please be sure that your request is submitted on time. Applications received after April 1st will not be considered except for new residents who are required by law to apply within (30) thirty days after establishing residence in the District. Visit the Valley Stream 13 website for additional information/application: www.valleystream13.com

THE FEIL FAMILY Pavilion will feature an expanded emergency department at Mount Sinai South Nassau, along with 40 critical and intensive care beds, and nine new operating rooms. The Feil family donated $5 million to the hospital as part of a series of generous donations over the years.