Medicaid Planning Attorney in New York
Planning for the Future Starts Today – Call (877) NOVICK1
One of the greatest fears that older Americans face is the thought of ending up in a nursing home. Along with the cost of losing one's independence, round-the-clock care in a nursing home can carry a heavy financial price of up to $180,000 per year. Many people pay for this cost out of their savings until they run out of funds and qualify for Medicaid to cover the costs of their care. However, with careful planning, a person can protect their estate for their children by creating a plan that ensures they qualify for Medicaid coverage when they need it. At Novick & Associates, our knowledgeable New York Medicaid planning lawyers can help you implement a roadmap that ensures your long-term care and shields your assets. From wills to
trusts, we make sure that you have complete protections.
Contact our firm online today to get started towards securing your future.
Transferring Assets to Qualify for Medicaid
Medicaid is broken up into two different types: institutional and community. Community Medicaid provides coverage for care received in a person's home through home health agencies, as well as doctors' visits, prescription medications, and some hospital stays. Institutional Medicaid covers care received in a nursing home or assisted living facility. In order to qualify for Medicaid in New York, a single person must have less than $14,850 in resources.
These resources include the following:
- Life insurance
- Retirement accounts
- Liquid and non-liquid property
Medicaid has a five year "look back" period in which gifting assets to children and other beneficiaries can affect eligibility, thereby preventing a person from simply giving away all of their assets to qualify. However, through the use of spend-down strategies and transferring your assets to children or beneficiaries via promissory notes, trusts, and private annuities, our firm can help you reduce your countable resources to a qualifying level and protect a large portion of your assets. Since every client's situation is different, it is imperative you consult with our estate planning lawyers to determine a custom strategy that best fits your needs.
Trust in a Firm with 30+ Years' Legal Experience
At Novick & Associates, PC, our skilled New York estate planning attorneys can help you navigate through the complexities of planning for long-term care and ensure your wellbeing is protected every step of the way. With time-tested solutions and straightforward communication, we can examine your situation and put in place a strategy that safeguards your assets and allows you to receive the care you need. Let us put our vast legal knowledge to work for you so you can look towards the future with peace of mind.
Request a free consultation today to review your legal options.