Sheryll Law, P.C. provides Nursing Home Medicaid planning services to help Long Island residents manage their long-term care needs.
Nursing Home Medicaid Attorney on Long Island
If you or a loved one is interested in recieving Nursing Home Care through Medicaid, it is important to start planning ahead of time. By planning ahead you can avoid exhausting your hard-earned savings and becoming a financial burden on your loved ones in your later years. It is common for families to use their multigenerational wealth to pay for the round-the-clock medical care of a parent or grandparent, which can be prevented by taking proper estate planning measures now to secure your family's future wealth. Not only is planning for the Medicaid application important but equally important is making sure your assets are protected from Medicaif recovery.
Sheryll Law, P.C. provides nursing home Medicaid planning as well as helping with nursing home Medciaid application for our clients. Contact us today to find out if you can qualify for nursing home Medicaid. Then, we can begin planning for your future.
Income and Resource Limits
You have to meet the eligibility requirements to qualify for Medicaid. The requirements for 2023 are:
- Up to $1,677 a month for a single applicant
- Up to $2,268 a month for couples applying
- $30,182 in non-exempt assets for a single applicant
- $40,821 in non-exempt assets for a couple applying
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How To Plan For Nursing Home Medicaid
Strategically moving assets out of your estate and into a trust can provide you with the opportunity to qualify for Nursing Home Medicaid. An Irrevocable trust is a common financial tool to provide access to your property and assets while titling them into the name of a trust. Since the assets are not titled in your name, Medicaid will not count the assets in the trust toward your estate when evaluating your financial eligibility for Nursing Home Medicaid.
If you did not plan ahead, consulting a Medicaid Planning attorney can help you discuss your financial and medical situation. Due to the lookback periods it is crucial that a financial strategy is in place to help you qualify so your loved one can receive the help they need.
What is the Five-Year Lookback Period?
Looking ahead, ideally 5 years in the future, will hopefully prevent any penalties from being made to qualify for Medicaid. Uncompensated transfers over a certain value can add penalties and delay nursing home Medicaid coverage. Any transfer made during this time period is assumed to be withdrawn to qualify for medicaid. If you are concerned about getting hit with outrageous penalties or delaying care it is important to develop a strategy with an attorney.
An elder law and medicaid planning lawyer can help look out for you or your loved one's best interest. Medicaid Planning Attorneys keep up with the constantly changing laws and regulations so you do not have to. Sheryll Law, P.C. is an experienced medicaid planning law
firm that helps families receive the care they need without sacrificing all of their hard earned money.
What Does Spending Down Income Mean?
Spending down your assets to qualify for medicaid should be the last resort. When individuals use the term “spend down,” they are referring to spending their money in order to adhere to Medicaid’s financial requirements. Planning for long term care now, can reduce the stress and burden of long term care costs and provide you with more options.
We hate to see people being penalized for saving their hard earned money. Instead of irresponsibly spending excess funds, consult with a Medicaid Planning attorney to help you save your hard earned money and facilitate a smooth Medicaid application process.
What Type of Trust Protects Assets From a Nursing Home?
There are several strategies to protect assets from being recovered by a nursing home. A Revocable trust, although useful for probate avoidance, does not offer the proper protection.
An irrevocable trust is a useful tool to protect assets from a nursing home and Medicaid recovery while also avoiding probate. An Irrevocable trust can provide you and your family with a long term care plan to prevent your home from being taken from the government. However, there are several other tools that can be discussed as well.
Schedule a consultation to discuss your long term care planning options with a Medicaid asset protection attorney.