Helping You Qualify For Medicaid Without Sacrificing Your Legacy
While it can take decades to build wealth, aging in New York is expensive. It only takes one serious illness or medical emergency to erase your savings and jeopardize your ability to afford long-term care. If your golden years are looming, you deserve to enjoy the fruits of your labor free of financial worry.
Medicaid planning can help you ensure that you have the means to live comfortably as you age. This legal instrument may allow you to qualify for government assistance without sacrificing your quality of life. Our elder law attorneys at Corash & Hollender, P.C., have a comprehensive understanding of New York’s Medicaid requirements and long-term planning strategies.
They can help you determine which approach will allow you to age with dignity and protect your legacy.
Qualifying For Medicaid
Securing Medicaid benefits in New York can be challenging for individuals without the requisite experience. It is easy to make a mistake that puts your eligibility at risk or delays your application.
Our Staten Island attorneys know how to streamline the process so that you can secure benefits as promptly as possible. They will help you identify the documents that you need to include in your application and submit the paperwork with the correct agency. They can also advise you on how to manage your finances so that you can minimize spending down your assets.
After you secure your government benefits, our attorneys can help you create a plan that shifts to meet your needs whether you require an at-home attendant or the support of trained staff at a nursing home.
Understanding Medicaid Trusts
One option that you may consider when planning for your future is a Medicaid trust. Medicaid trusts are legal entities that can be created to take ownership of property that would disqualify an individual from receiving government assistance for long-term care. As with other types of trusts, this type of trust can be complex to set up and fund appropriately.
Our attorneys have decades of estate planning experience in New York, so they are able to avoid unnecessary legal headaches while creating your trust. They will work closely with you and your loved ones so that all parties understand their obligations.
It is our goal that you feel comfortable with the decisions that you are making about your financial future. Not all New York seniors benefit from establishing a Medicaid trust. You may want to reconsider your options if:
- You own a co-op. Few co-ops allow their shares to be owned by trusts.
- You are concerned about retaining control over your assets or property. This type of trust is irrevocable, which means that you cannot change the trust’s provisions after it has been created.
- You would like your spouse to serve as the trustee. Neither you nor your spouse can be the trustee. However, you can select other family members, including your children to serve as a trustee.
- You need to qualify for Medicaid immediately. The 5-year lookback period still applies to those who set up Medicaid trusts.
Despite these drawbacks, the Medicaid trust does offer an array of benefits. You may gain from these advantages when you place your property in a Medicaid trust:
- You may continue to live in your property if you create a life estate for yourself.
- You may receive exemptions on your real estate taxes.
- Your property may be shielded from creditors since the trust owns the property and not you.
- Your beneficiaries retain ownership of the property in the event you need to move to an assisted living facility and require Medicaid assistance.
Of course, your unique circumstances may affect your decision to create a trust. Before you draw up any paperwork, we invite you to contact an experienced lawyer at our firm to discuss your situation.
Whether you are interested in creating a trust or pursuing another course of action, we are ready to advise you on your long-term planning options. If your long-term plans rely on obtaining Medicaid benefits, it is never too early to begin strategizing with an elder law attorney.
Connect With Us Today
We offer no-cost, no-obligation consultations to all potential clients. Take the first step toward getting answers to your questions when you send us an email or call 718-442-4424 to schedule an appointment.