New York Elder Law (Medicaid) Attorney
One of the most important issues we all need to consider is whether the financial plans we have in place will enable us to get the care we need as we get older and require increasing assistance with daily living. Depending on the level of care required, annual costs can easily exceed $100,000. This amount would quickly dissipate the assets of many individuals.
Fortunately, Medicaid programs can help cover some or all of the costs of eldercare. However, these programs have certain financial eligibility restrictions. Careful planning is required to help individuals and couples ensure their eligibility without incurring costly penalties. A New York elder law (Medicaid) attorney from Chaves Perlowitz Luftig LLP can help you with the planning process.
As one of the most highly respected estate planning firms in New York, the attorneys of Chaves Perlowitz Luftig LLP have extensive experience assisting clients with their Medicaid planning needs. Our attorneys take the time to evaluate all options and potential challenges that may come up in your case so that we can adopt forward-thinking solutions that will best serve you. We’ll work hard to help ensure you can get the care you may need in the future while protecting your assets for your loved ones.
If you or your family need legal advice and assistance with Medicaid planning, contact the elder law firm of Chaves Perlowitz Luftig LLP for a free initial case evaluation. Learn more about how our firm can help you establish your Medicaid eligibility and protect your assets and estate.
What Is Medicaid Planning?
Medicaid planning refers to the process of arranging your assets to help ensure that you qualify for Medicaid benefits. Medicaid benefits can help elderly individuals get the financial resources they need to pay for long-term care, such as home health care, assisted living, or nursing home care.
Many people may have too much income or too large an estate to qualify for needs-based Medicaid benefits. In addition, simply trying to transfer assets out of one’s estate can lead to significant penalties under the five-year lookback rules. Medicaid planning is designed to legally reduce the size of your estate to allow you to take advantage of Medicaid benefits for long-term elder care.
What an Elder Law Attorney Can Do for You
An elder law attorney can assist you with various aspects of the Medicaid planning process, including:
- Advising you regarding your care plan options, including the benefits you may be entitled to from Social Security, Medicare, and Medicaid
- Helping you with estate planning to preserve your assets from being spent to fund long-term or nursing home care and to help you reach financial eligibility requirements for benefit programs under Medicaid or Social Security
- Identifying and developing estate planning structures, including preparing irrevocable trusts or exempt transfers of assets
- Identifying and pursuing options to help you become Medicaid eligible if you suddenly find yourself in need of long-term or nursing care and have not yet engaged in Medicaid planning, such as preparing gifts and promissory notes to help you spend down your assets to reach eligibility thresholds
- Drafting and filing Medicaid benefits applications on your behalf, including collecting and organizing documentation to establish financial eligibility as well as medical need
- Representing you and advocating for your rights and interests during hearings and appeals of application denials to fight to get you the benefits you need through the rest of your life