WHAT WE DO
Medicaid is a “means tested government entitlement.” In plain language, this means that a person’s income and resources must be below a certain amount in order to be eligible for benefits, among other eligibility requirements. With proper planning, a person can protect his or her assets. Many people are often misinformed regarding Medicaid planning issues, and think that there is nothing they can do to protect assets. In most cases, some assets can be protected even at a very late date. However, the earlier the planning is started, the more assets can be protected.
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The New York State Department of Health lists the annual estimated average nursing home rate in 2018 at $156,636.00 on Long Island and at $147,828.00 in New York City. Most people without unlimited wealth who enter a nursing home will eventually have to rely on Medicaid to assist in payment of their health care.
Our firm is experienced in the use of Medicaid-exempt transfers, irrevocable trusts and combinations of loans and gifting and other planning techniques as tools to protect assets as a part of Medicaid planning.
We can also assist you with the Medicaid application process always ensuring that your interest is of paramount concern.