For Survivors of the Holocaust, a unique benefit is that all funds received as a result of being a Victim of Nazi Persecution, by a Holocaust Survivor or inherited by a Holocaust Survivor or their family are considered to be exempt resources when applying for Medicaid long term health care assistance. However, these accumulated reparation payments must be properly identified as such to be exempt. The best way to do this is by identifying the correct amount of these payments, creating a Victim of Nazi Persecution Restitution Trust®and depositing an amount of money equivalent to that which was received as compensation into this special trust.
With careful planning a reparation recipient may maintain financial independence as well as being able to:
- avoid financial devastation resulting from the high cost of long term health care at home or in a Nursing facility;
- bypass a Medicaid review against their estate; and
- provide protection to a spouse, children and heirs by maintaining reparation exemptions on inherited reparation funds.
It is well documented that persons who receive compensation as a result of Nazi persecution are entitled to receive Medicaid, without “spending down” all of their assets to poverty levels as is normally required as a prerequisite to receiving Medicaid benefits.
Please call (212) 307-1499 to speak to our Holocaust restitution attorneys today.