Estate Law Attorneys Advising Families Since 1975

Photo of a medicaid formKantrowitz, Goldhamer & Graifman, P.C., can assist you if need to qualify for Medicaid benefits, but possess sufficient assets that may otherwise disqualify you. Our knowledgeable estate lawyers review each case individually; it is important to understand both your goals and projected healthcare needs. Then, we can discuss your options for qualifying for Medicaid.

Medicaid may cover nursing home expenses in some cases, but only if you do not have assets which put you over the qualifying limit. You are expected to “pay your own way” until your available assets are virtually exhausted.  When you can no longer carry the financial burden of your own long-term residential care, Medicaid will assume responsibility to pay for your care. Our experienced attorneys want to help you see that a major share of your life savings will be protected for your family, instead of being spent on your care.

How Can I Keep My Medicaid Eligibility?

Qualifying for Medicaid assistance requires compliance with numerous governmental regulations. In an effort to meet the requirements of Medicaid’s asset test, people may opt to pass their assets down to their children or other family. This is a risky move to make without expert advice.

When you apply for Medicaid, your financial transactions during the prior five years will be examined, and most gifts made within that period will be “penalized” – that is, they will result in a period of time during which you will be denied Medicaid benefits. Accordingly, the process of transferring money and property must be done in a certain ways that comply with all laws and avoid or minimize the possible penalty. Attempting this process without the assistance of a skilled attorney all too often causes unfortunate mistakes, which could prevent you from getting the benefits you need and deserve.

What Options Do I Have to Remain Eligible for Medicaid?

There are several options we can discuss with you to make Medicaid a part of your estate planning process. We can evaluate your financial circumstances and determine what options would benefit you most.

Our basic approach is to assure that you retain financial independence and control to the greatest possible extent, for the longest possible time. Some of the options that may be available to you, depending upon your level of wealth and the extent of your income, include:

  • Sinking fund: This approach would permit you to give away any “excess” funds not needed to carry you through the “look back period”
  • Irrevocable Medicaid trust: This type of trust might allow you to shelter a share of your assets for your intended beneficiaries, without losing all economic benefit of those assets
  • Medicaid salvage plan: Allows 40 to 60 percent of your total assets to be saved for your family through a combination of loans and gifts.

It is important to speak to an experienced estate law attorney before taking any of these steps. Mistakes made during this process can be costly to you both now and in the future. It is best to work closely with a lawyer who fully understands your situation as well as the applicable laws.

Estate Attorneys Offering Medicaid Planning

To speak with our experienced attorneys, please call (800) 711-5258 or contact us online. Our skilled estate law attorneys can also assist you with: wills, trusts, durable powers of attorney and more. We maintain offices in Rockland County, New York and Bergen County, New Jersey to serve you within your community. Messages left after business hours are returned promptly.