Experienced New York City Medicaid Planning Attorneys
Medicaid planning in New York City
The cost of long-term healthcare can be overwhelming for many. Many older adults worry about being cared for and how much it will cost. When considering the future, it is important to plan in the present. Some of the things you should consider when planning for future care include protecting assets and reducing the financial burden of elder care. Medicaid eligibility is complicated and having the right representation to guide you through the process is in your best interests. If you need help planning for the future, The Levoritz Law Group is ready to help you navigate the process every step of the way. To discuss your legal matter, contact our firm for a consultation today.
Future care can be afforded through various payment methods, including private funds, private insurance, veteran’s benefits, Medicare and Medicaid. For many Americans, Medicaid is the best option because it pays the full cost of medical care with qualified care providers. This includes costs of nursing homes and assisted living facilities. However, this care comes with the cost of strict eligibility requirements, namely the depletion of most financial assets. With careful planning, one can qualify for Medicaid benefits by legally restructuring their assets.
There are many ways to protect your assets and become eligible for Medicaid. Some of the many ways you can protect your assets include:
- Gifting to family members
- Employing irrevocable trusts
- Transferring the home to intended beneficiaries
- Establish contract for caregiver child
- Purchasing immediate annuities
- Spending down assets by prepaying for funeral expenses, paying off mortgages and other debts, making home repairs or purchasing a new vehicle
Why preparing for Medicaid early is best
In order to protect your assets and ensure that you are eligible for Medicaid, planning early is the best policy. It is important to consider planning early to avoid the strict look-back period. If you seek Medicaid benefits within 5 years of making certain asset transfers, you could face serious repercussions, including fines and a compromise to your eligibility, with some exceptions. In addition, retaining the sufficient funds to maintain your standard of living before entering long-term care is something everyone should think of today.
Contact a New York City Medicaid Planning
Paying for long-term care can be overwhelming for aging adults. Consulting with an elder care attorney can make a huge difference in your future. Medicaid planning is a great way to ensure that you can afford the care you deserve at little to no loss to your quality of life. Preparing your assets and estate with the terms of Medicaid in mind can save you a lot of grief and money in the end. If you need a quality legal team to walk you through the steps of Medicaid planning, contact The Levoritz Law Group for a consultation.