Elder Law and Medicaid
Planning in Long Island
Sheryll Law, P.C. provides elder law and Medicaid planning services to help Long Island residents pay for long-term care.
Elder Law and Medicaid Planning
Maximizing quality of life as we grow old is a goal, we all strive for. One of the best ways to ensure lasting quality of life into our golden years is through Long Term Care Planning. Medicaid Planning is essential considering Long Island nursing homes and home health care are expensive and planning for the expense of nursing home care, home health care, assisted living facilities can seem far off. However, planning today will ensure that your quality of life and peace of mind will continue well into the future.
Sheryll Law, P.C. offers elder law and Medicaid planning services for our clients. Our attorneys assist with setting up cohesive strategies for long-term care planning to make in-home and nursing home care affordable and worry free. Contact us today, so you can begin to prepare for the future.
Benefits of Elder Law and Medicaid Planning
Advance Elder law and Medicaid planning can prevent:
- Giving up all you hard earned money to pay for in-home and nursing home care
- Medicaid from taking your home
- Burdening your loved ones with the cost of long term care
- Giving Money to the government, medicaid and non family members
- Financial stress on family
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Nursing Home Medicaid
Nursing Home Medicaid is a federal and state benefit used to pay for nursing home care. Also referred to as Chronic Medicaid, this is a means-based benefit that requires applicants to pass the income and asset test to get approved for care.
Sheryll Law, P.C. uses Medicaid planning strategies to help clients hold on to valuable assets while still meeting the eligibility requirements. It is critical that planning starts early as Nursing Home Medicaid has implemented a lookback period. Gifting property and assets within this lookback period can lead to harsh penalties. Medicaid planning attorneys develop strategies and use tools like irrevocable trusts to help protect families from surrendering everything they have worked for.
A Long Island Medicaid planning attorney will help you develop the right strategy by funding the trust and applying for Nursing Home Medicaid.
Sheryll Law, P.C. also helps clients with Community Medicaid planning. Community Medicaid provides in-home care. Like Nursing Home Medicaid, there are income requirements but also skill level requirements. To be approved for Community Medicaid, applicants require assistance with three activities of daily life. Community Medicaid also includes a 30 month lookback period. A Medicaid planning attorney can provide strategic planning using tools like an irrevocable trust to plan ahead.
Insurance planning is also a component of elder law and Medicaid Planning. If you cannot qualify for state and federal assistance, Sheryll Law, P.C. can evaluate your insurance options. You can get a long-term care insurance policy to pay for your nursing home care or get a life insurance policy that pays for care. Finally, you can choose a life insurance policy that allows you to cash out the policy at the current value. Then, you can use that money to pay for care. Your Long Island elder law attorney will explore each option during your planning session.
When Should You Start Medicaid Planning?
It’s never too early to start Medicaid planning. Ideally planning begins at least five years before you will need nursing home care. However, you never really know when it will come time to need assistance. It’s a good idea to begin Medicaid planning when you engage in other estate planning activities. Since Community Medicaid and Nursing home medicaid have look back periods waiting could be detrimental. Even if you’re in your 30s or 40s, you can benefit from Medicaid planning today.