Long Island Medicaid Planning Lawyers Preparing Clients for Financial Success
Also Serving: New York City
Medicaid benefits can be significant during the elder years, especially with rising healthcare costs, the price of moving to assisted living facilities, and expenses for in-home care. Medicaid can provide assistance for yourself or your loved ones, but if your assets are not properly structured, you could miss out on many of the benefits that Medicaid offers.
Some actions you can take today include creating an irrevocable trust, gifting assets to family members, and purchasing annuities. These and various other solutions can make your assets inaccessible to government programs, meaning they will not affect your Medicaid eligibility.
If you want to start preparing today to protect your estate during the Medicaid application process, please reach out to our experienced Medicaid lawyers.
Medicaid planning attorneys, like those at Davidov Law Group, can help you structure your assets so you have a better change of qualifying for the Medicaid benefits you deserve. Thereby allowing you to use your funds to provide for the long-term care you need. You can reach us at (516) 253-1366.
What Does a Medicaid Lawyer Do?
A Medicaid planning lawyer serves many functions for someone preparing to receive benefits from this needs-based government program. They will analyze your situation to find the best solution for you and your family.
This can include helping you decide what actions to take to protect your assets. They may help you transfer assets to your children or grandchildren, create a Medicaid asset protection trust, and more.
Additionally, Medicaid lawyers and elder law attorneys help with your Medicaid application. They can help fill out paperwork to apply for various benefits, including home care Medicaid, chronic illness Medicaid, nursing home Medicaid, and any other services you may need.
Our lawyers are happy to meet with you and see how we can help, so give us a call to set up an appointment today!
Why Should I Plan for Medicaid?
Costs for elderly people in the United States are rising rapidly. Expenses can include living at an assisted living facility, medical treatment costs, ongoing care bills, and nursing home services. If you or a loved one is a senior citizen hoping to qualify as a Medicaid recipient, you should consider making plans now to prepare for the future.
Medicaid planning is legal in all 50 states and can be valuable in preparing for the future. Without Medicaid payments, adult children whose parents need long-term services may find themselves in a desperate financial situation, especially if both parents need nursing home care.
With Medicaid planning, you and your loved ones can be sure you have the funds necessary to provide the medical assistance you need. Contact our talented legal team right away to get started.
How Can I Protect My Assets?
There are several options to protect your assets when it comes to ensuring you get the most out of your Medicaid. This is incredibly important considering the financial burden that nursing homes and home care services may place on your loved ones.
If you are a family member of someone applying for Medicaid, you should encourage your loved one to reach out and get help in planning for the future.
Some actions you can take to protect your assets and maximize your Medicaid benefits are:
- Gifting assets to your spouse or another family member
- Creating an irrevocable trust to keep assets from counting against Medicaid benefits
- Purchasing annuities that meet the proper requirements to avoid having them affect Medicaid coverage
- Prepaying funeral expenses
- Paying off debts such as your mortgage or automobile loans
Should You Hire Our Medicaid Planning Attorneys?
Many people understand that a will and trusts are essential to estate planning. However, they underestimate the importance of preparing their assets for the Medicaid planning process. Medical bills and long-term care costs can be financially devastating for families who are not prepared.
Taking the simple step of restructuring your assets today can save your family members thousands of dollars and a great deal of stress in the future.
If you want to learn more or are ready to get started, please reach out to our experienced Medicaid planning attorneys today. We have helped many clients achieve Medicaid eligibility, and we are ready to assist you in any way with this complicated process.