As you embark on this next phase of your life, it's important to consider how your health concerns may impact your livelihood, the livelihood of those you love and the legacy you leave behind. Even a person in perfect health needs to consider these things because no one is immune.
While it may seem daunting to think of hospital stays, rehab, and potential long-term care, there has never been a better time to plan for your future.
Medicaid is meant for anyone in need of help offsetting medical costs. In order for those who are not classified as low-income to qualify, assistance with asset transfers and asset protection may be needed. This is where we come in.
At Genser Cona Elder Law, we'll help you properly arrange your finances so you don't spend your very last dime on your increasing medical expenses and long term care. Continue reading to learn more about how the Medicaid planning attorneys at Genser Cona Elder Law can help you create a comprehensive plan.
Medicaid planning is the practice of preserving assets by securing eligibility for government benefits. Our goal is to help you secure the best available health care while preserving your hard-earned assets to pass on to your children or other beneficiaries. We can help you attain both goals with proper and legal Medicaid planning.
Early planning is the key to preserving your assets, allowing you to make lifetime gifts to family members or to a trust, thereby assuring your assets will not be spent down on the costs of your health care or paid to the government. The current look-back period is five years, meaning that individuals and families must plan five years before a health care crisis occurs.
There are different rules for transferring assets based upon family composition and the type of care required. Spouses have special rules that allow for exempt transfers of assets. In addition, the laws currently governing Medicaid Home Care benefits are different from the laws governing Medicaid nursing home benefits.
Unlike many of the other resources you may find, such as social workers or hospital discharge planners, the attorneys at Genser Cona Elder Law practice Elder Law exclusively and are up to date in this ever changing field. We advocate for you and our only concern is helping you create a plan that works in your favor. We'll walk you through the legal process of structuring your property so your assets will go to your loved ones — instead of being unnecessarily spent down on the costs of your care.
Time is money when it comes to asset protection planning so the earlier you plan the better. The best time to engage in Medicaid planning with the Elder Law attorneys at Genser Cona Elder Law is well before a health care crisis. Early planning allows you to keep your options open and to receive care where you want it, such as at home, in an assisted living or to protect assets from spend-down should you require nursing home care. That said, it's never too late to protect your hard-earned assets. Even if you're already in a nursing home, we can still help.
Most of us want to live in our homes for as long as we can and New York has Medicaid home care benefits available with only a one month look-back period. We use strategic legal techniques such as trusts and life estates to help you accomplish your goal while ensuring the Medicaid application process is quick and easy while also being mindful of possible future institutional Medicaid benefits in the event nursing home care is ever needed.
Even if you do not plan on ever seeking nursing home care, it's vital to understand how Medicaid works and seek the professional experience of a Medicaid planning attorney. Failing to do so could result in you being penalized in the future for decisions you make today with the best of intentions.
Instead of attempting to figure out the confusing Medicaid laws and regulations in New York, you can speak to an Elder Law attorney at Genser Cona Elder Law for Medicaid planning assistance. We're proud to be continually ranked as the #1 Elder Law and estate planning firm on Long Island.
We provide a holistic approach to Elder Law by not only helping you with legal issues, but also providing assistance with financial matters, family dynamics, caregiver issues, as well as practical issues. By working together with your family and health care facility, we'll continually reach our goal of sustaining quality care for older adults.
Contact Genser Cona Elder Law today for a consultation.