Medicaid planning is the practice of preserving assets by securing eligibility for government Medicaid benefits. Our goal is to help you secure the best available long term health care while preserving your hard-earned assets. We can help you achieve both goals with proper legal representation and Medicaid planning.
Early asset protection planning is the key to preserving your hard-earned assets. Early planning allows you to make lifetime gifts to family members or to a trust, thereby assuring your assets will not be exhausted on the high costs of your health care or paid to the government. The current Medicaid look-back period is FIVE years, meaning that individuals and families must plan five years before a health care crisis may occur.
There are different rules for transferring assets based upon family composition and the type of care required. Spouses have special rules that allow for exempt transfers of assets. In addition, the laws currently governing Medicaid Home Care benefits are different from the laws governing Medicaid nursing home benefits.
The earlier you plan the better. The best time to engage in Medicaid planning with the Elder Law attorneys at Frederick J. Kramer is well before a health care crisis. Early planning allows you to keep your options open and to receive care where you want it, such as at home, in an assisted living or to protect assets from spend-down should you require nursing home care. It's never too late to protect your hard-earned assets. Implementing the right asset protection strategies today, you can avoid the health care problems of tomorrow.
Most seniors want to live in their homes for as long as they can and New York has Medicaid home care benefits available with only a one-month look-back period. We use strategic legal techniques such as trusts and life estates to help you accomplish your goal while ensuring the Medicaid application process is quick and easy while also being mindful of possible future institutional Medicaid benefits in the event nursing home care is ever needed.
Even if you do not plan on ever seeking nursing home care, it's vital to understand how Medicaid works and seek the professional experience of a Medicaid planning lawyer.