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
trusts, we make sure that you have complete protection.
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
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
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.