Jason Jones

For non-U.S. persons investing in United States real estate, the Foreign Investment in Real Property Tax Act (FIRPTA) introduces a powerful compliance mechanism that operates independently of estate tax rules. In high-value transactions, its implications are immediate and material.nFIRPTA requires that when a foreign person disposes of U.S. real property, the purchaser must withhold 15% of the gross sales price  and remit it to the Internal Revenue Service. This withholding applies regardless...

For individuals engaging in advance long-term care planning, the Medicaid Asset Protection Trust (MAPT) is one of the most frequently utilized structures. Properly designed and implemented, it allows assets to be repositioned in a manner that can preserve wealth while maintaining eligibility for nursing home Medicaid after the expiration of the five-year look-back period. A MAPT is not a shortcut. It is a formal legal restructuring of ownership that requires careful drafting, disciplined...

For individuals planning ahead for long-term care in New York, the five-year Medicaid look-back period is the central structural constraint. It is also the most misunderstood. Medicaid eligibility for nursing home care is not determined solely by an applicant’s financial condition on the date of application. The Department of Social Services reviews asset transfers made during the preceding sixty (60) months. Any transfer for less than fair market value during that period may result in a...