Medicaid is a combined state and federal insurance program that covers many long-term care expenses. To qualify for Medicaid, applicants must prove a minimal amount of assets. To qualify for Medicaid eligibility, individuals may wish to use Medicaid Planning to carefully plan, allocate, and spend down their assets.
Medicaid provides therapeutic support for those families and individuals whose health expenses exceed their income.
Doing so in a legal manner that preserves their right to Medicaid isn’t easy. The estate planning attorneys at Blustein, Shapiro, Frank & Barone, LLP can help.
medicaid planning strategies
Though they may be useful, it is important for clients to know that some gifts, loans, and asset transfers may render an applicant ineligible for Medicaid benefits. Any gifts, loans, or asset transfers should be done under the supervision of an attorney. A careful gift and loan strategy can preserve a significant amount of assets, even for someone already in a nursing home.
We can assist you in the development of a plan to spend down money in order to qualify for Medicaid, while simultaneously ensuring that your money is protected for you and/or your spouse.
Under today’s estate planning laws, advance planning with certain types of irrevocable trusts may offer the best long-term asset protection.
How to Qualify for Medicaid in Warwick, Goshen, and Monticello, NY
Medicaid pays for institution/nursing home costs for senior persons with few assets and low financial gain. In some cases, this is applicable to senior citizens who have already spent most of their savings paying for a residential facility or home care and can’t sustain the expense.
In the case where one spouse lives at home and the other in a long term care facility, Medicaid Planning can allow more assets to be reserved while still qualifying for Medicaid. Planning plays an important role so that Medicaid can pay the nursing costs for a senior patient in a medical facility.
Our elder care law attorneys in Warwick, Goshen, and Monticello, N.Y. help clients draft powers of attorney in case they are ever unable to make medical decisions for themselves. This relieves some of the burden on loved ones, who will have a clear understanding of the senior’s wishes. An experienced elder care attorney will also pursue Medicaid benefits and other types of health and disability funding on behalf of a client.
We regularly handle cases involving a wide variety of situations, whether a client requires immediate assistance or a long-range plan.
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Contact us today to learn more about how you can protect your family.
