New City Long-term Care Planning Attorneys
People who are aging and considering long-term residential care may choose to rely on Medicaid to pay for nursing home care or assisted living care. In an effort to qualify for Medicaid's asset test, people may opt to give away their assets. Doing this without an attorney's assistance is a risky move, however. You could give away too much or make a mistake in the process that disqualifies you from Medicaid for a period of time.
Qualifying for Medicaid
Medicaid can pay for nursing home care for people with no assets. When you apply, your financial transactions during the prior five years will be examined. Giving away assets within this "look back period" may disqualify you from Medicaid for a period of time.
Kantrowitz, Goldhamer & Graifman, P.C., assists people with assets who wish to qualify for Medicaid. Our knowledgeable lawyers will review your finances and assets, and discuss your goals regarding nursing home care. After projecting your needs and expenses, we can discuss options for qualifying for Medicaid without incurring an unfunded period of Medicaid eligibility. Please call our New York or New Jersey office at 800-660-7843 to schedule an appointment with our Rockland County Medicaid planning attorneys.
Depending on your financial circumstances, we may be able to help you implement a Medicaid salvage plan, designed to allow people who did not plan ahead to save 40 to 60 percent of their total assets for their family by making a combination of loans and gifts. When we implement the salvage plan, you immediately apply for Medicaid, anticipating that a penalty period will ensue. We will structure the plan so that repayment of the loan(s) will meet virtually all of your expenses until the penalty period expires.
Other options that may be available to you include:
- Depending on your level of wealth, you may wish to set up a sinking fund to carry you through the "look back period" after giving away your assets beyond the sinking fund.
- Rather than giving assets away completely, you might create an irrevocable Medicaid trust. You should consult an attorney about whether a Medicaid trust is right for you.
Qualifying for Medicaid assistance requires compliance with numerous governmental regulations. Too many people make mistakes during this complex process. For a consultation with our experienced attorneys, please call 800-660-7843 or contact us online. Messages left after business hours are returned promptly.
