Jay J. Sangerman, PLLC
Holocaust Reparations are exempt as income and they are exempt as a resource for determination of Medicaid eligibility. Holocaust Reparations include payments from Germany, as well as from Austria, which payments are called Social Security. All funds received as Reparations are exempt. Therefore, it is best to segregate the Reparations into a separate account (whether at a bank or at a stock broker) a Reparations Account and to use other funds first. If you did not segregate your Reparations, then find out how much you have received during your lifetime and consider segregating that amount into a separate account.
Reparations which have been inherited by a spouse may be exempt. The determination is made on a case to case basis.
Reparations retain their exempt status upon the death of the Medicaid recipient.
FOR INFORMATION AS TO FEDERAL INCOME TAXATION OF REPARATIONS, CLICK HERE.
JAY J. SANGERMAN, ESQ.
Jay J. Sangerman, PLLC
171 East 84th Street, Unit 21B
New York, New York 10028
212-922-0711
212-439-0056 - facsimile
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