Brooklyn Medicaid Planning and Elder Law Attorneys
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When you reach old age, you cannot afford nursing homes or home care even if you work hard all your life, raise a family, and stay out of debt. New York seniors are experiencing this problem all too often. Your healthcare costs were primarily covered by Medicare, but the nursing home costs are not covered by Medicare, so you must exhaust all of your life savings in order to maintain your health care. You won’t have to worry nearly as much about dealing with this difficult situation if you have organized ahead of time with help from an Elder Law Attorney in Brooklyn, NY.
Lawyers Who Specialize In Elder Law Can Assist
Elder law is a particular area of estate planning law that deals with issues that arise as people age. We offer elder law services such as elder asset protection, Medicaid and guardianship planning, and powers of attorney. We have provided compassionate legal services to hundreds of seniors and their children at Landskind & Ricaforte Law Group, P.C. so that they can plan for the possibility of changing health, disability, and dementia.
The Medicaid Planning Process: What Is It?
Under Medicaid, individuals who fall below a certain income level are able to receive medical assistance. As part of Medicare coverage, doctors, hospitals, and prescriptions are covered, but nursing homes for the elderly or in-home care is not covered. Depending on the assets a person has, Medicaid can pay for nursing homes and in-home care. For eligibility purposes, assets held in bank accounts, investment accounts, and second homes are taken into account. Not taken into account are the following assets:
- Instead of retaining the applicant’s personal residence in their own name, it is recommended that they transfer it into a Medicaid trust.
- One vehicle
- Personal property and belongings
- An insurance policy and a burial fund
- Holdings of certain types of assets by trusts
A last exemption allows people to plan ahead by using Medicaid benefits for nursing home care. Keeping certain assets out of the count of assets when applying for Medicaid if your countable assets exceed that limit can be done by using certain types of irrevocable living trusts. Below are some points to remember:
- There is a five-year lookback period in place for Medicaid nursing homes.
Medicaid won’t be available to you if you don’t establish the trust five years before you need nursing home care. If you or a loved one do not plan ahead, a Medicaid trust may not be an option. - One month is the lookback period for Medicaid home care. The majority of people believe that Medicaid applicants must always report assets transferred within five years of applying for Medicaid home care. An applicant in New York who transfers all his non-exempt assets to a Medicaid trust on the first of the following month becomes financially eligible for Medicaid home care assistance.
Attorneys for Elder Law and Medicaid Planning in Brooklyn
The owners of our small, family-owned firm recognize that establishing a personal relationship with our clients is crucial to long-term success. In addition to understanding the hopes our clients have for the future, we have gone through this process with our own parents. When you work with us, you’ll have our cell phone numbers available so that you can contact us whenever you need assistance. There is no other firm as responsive as ours in New York.
