Question

In New York, are Individual Retirement Account assets included in the calculation of assets for Medicaid planning or is only the required distribution included in income?

Answer

FPA member Daniel V. Giaimo, CPA, CFP®, a financial Advisor with ITI Strategies, Inc. and a principal at Daniel V. Giaimo, said the following: “Yes, IRA assets are included in the Medicaid calculation.” Visit New York’s Medicaid website for further information and help.

FPA member Arthur Dolega, CFP®, president of Vision Financial Services and a registered representative with Next Financial, noted that “IRA assets are counted against you for the purposes of Medicaid qualification, but when the IRA is in the distribution phase, only income may be taken into consideration.”

“Depending on your situation, Medicaid planning could be quite complicated, especially if married with home ownership and other assets,” Dolega said. “There may be value in hiring an attorney specializing in such.”