Faced with the idea of long term care, many people are overwhelmed with the thought of how to pay for it. Medicaid is a jointly-run program of the federal government and New York State that offers a broad range of medical and health benefits, including long-term care, for those with limited resources. Many people believe that qualifying for Medicaid means “spending down” their life savings, but with proper planning, one may be able to qualify for valuable benefits and hold on to all or a substantial portion of one’s assets.
The best time to begin planning for Medicaid is well before you anticipate needing long-term care. With enough time, we can help to preserve as much of your assets as possible. Not all types of trusts will protect assets in the event that you need to apply for Medicaid, so it is important that your plan take into account the complex Medicaid qualification rules. We can also advise you on the legal and tax implications of transferring property into trust and gifting property to family members.
The best time to begin planning for Medicaid is well before you anticipate needing long-term care. With enough time, we can help to preserve as much of your assets as possible. Not all types of trusts will protect assets in the event that you need to apply for Medicaid, so it is important that your plan take into account the complex Medicaid qualification rules. We can also advise you on the legal and tax implications of transferring property into trust and gifting property to family members.
Medicaid can be an invaluable tool in providing care for seniors. With appropriate planning and guidance, seniors can get the care they need without losing everything they worked the rest of their lives to earn.