Sheryll Law, P.C. provides Medicaid planning services, so Long Island residents can retain assets while qualifying for state and federally funded long-term care.
Medicaid Planning Attorney In Long Island
What happens when you outlive your income? It is a scary thought to think you might outlive your income. Running out of money as we age into our golden years is a possibility that many will face and paying for care is even more daunting. Medicaid is a joint federal and state program. The Medicaid Planning process is less complex with an experienced Medicaid Planning Attorney. Proper structuring of one’s financial assets can help avoid running into issues as your health and medical needs may change.
Protecting your hard-earned assets from the possibility of being forcibly withdrawn due to unforeseen health care circumstances takes strategic planning. Utilizing financial tools like irrevocable trusts, can help to plan for wealth preservation and allow state and federal programs such as Medicaid, to bear the burden of the expense. These programs have been put in place to help protect qualifying applicants from outliving their hard-earned financial assets. Consulting an experienced Medicaid Planning Attorney that knows the New York State Medicaid laws will help you decide what is the best way to grow into your golden years.
What Is Medicaid Planning?
Medicaid planning is one of the most important duties an elder care attorney has. Long Island Medicaid planning includes:
- Valuing assets
- Using trusts to transfer assets
- Helping seniors protect their legacies
- Going over other options if Medicaid is not an option
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What Is Community Medicaid?
“I do not want to end up in a nursing home!” is something Sheryll Law, P.C. hears from clients and family members all the time. It is often the goal for individuals to stay in the comfort of their home for as long as possible. Community Medicaid can provide comfort to loved ones by providing in-home health care assistance. Community Medicaid can provide in-home skilled nursing care that assists with the Activities of Daily Living, also known as ADL’s, so your loved one feels safe in their home.
In-home health care aids are ideal however, it comes at a cost. Qualifying for Community Medicaid can be properly planned for by utilizing strategies from an experienced elder care attorney. Community Medicaid applicants must meet financial requirements regarding their assets and income. By planning ahead you will be better prepared for the costs of long term care or be able to qualify for Community Medicaid coverage. Protecting your assets and your home from Medicaid can be achieved by putting together a comprehensive asset protection estate plan with an experienced Medicaid attorney that understands the laws and regulation of New York State. Medicaid Asset protection lawyers can develop a strategy for couples and individuals who may need coverage in the future. Developing a strategy is important as Community Medicaid requirements change from administration to administration on both state and federal levels.
Planning ahead with a Medicaid planning attorney can reduce the stress and burden of the astronomical costs associated with long term care. A Medicaid attorney can give you peace of mind knowing that long term care costs can be covered through proper Medicaid Planning.
Nursing Home Medicaid
Receiving in-home help with community medicaid is often everyone's first choice however, it is important to recognize that receiving nursing home assistance may be best for your health care needs. Nursing home care on Long Island is expensive and without proper planning long term care costs can contribute to a financial burden on your family. Without proper planning, nursing home care could force your family into debt and bankruptcy. You could lose everything, including your house and leave all your assets and legacy to the government. Fortunately, you can avoid this problem with proper Nursing Home Medicaid planning.
Transferring assets into an irrevocable trust can help secure your assets and prevent them from being counted toward your estate. However, planning ahead is crucial as the Nursing Home Medicaid has a five year lookback period. Planning at least 5 years ahead can reduce the penalties associated with transferring gifts. Strategically gifting your assets to provide protection is crucial but don't act too quick! Making gifts such as transferring your home, giving money to a spouse or loved one can result in harsh penalties within the lookback period. It is important to speak with a Medicaid Planning Attorney to develop an estate plan and overall strategy for long term care planning. Sheryll Law, P.C. can help develop a plan for Medicaid coverage while assisting with the Medicaid application.
Is It Too Early To Start Planning?
Structuring personal and financial assets now, to plan for possible long-term care later, is important. Medicaid planning is a financial maze. Consulting an experienced Medicaid Planning Attorney is always advised. Financial considerations and state requirements are best left to qualified medicaid planning attorneys to ensure that every detail is considered. Part of a thoughtful estate plan is considering the lookback period for Medicaid Planning. It is crucial to consult an experienced Medicaid Planning Attorney due to the hefty penalties that can be incurred if actions are made without forethought.
What If You Don’t Qualify For Medicaid?
It’s not just economics that differentiates who qualifies for Medicaid benefits. It’s more important to understand how to qualify for Medicaid benefits. Consulting an attorney that has experience with New York State Medicaid planning is essential if you are a high earner or have been diligently saving and investing throughout your life. Worrying about growing into your golden years can be overwhelming, but with a little proper planning that stress can become relief. Contact Sheryll Law P.C. and let our attorneys do the worrying for you.