Medicaid Planning: Preparing for the Future, Receiving Benefits
With the right planning, you may be able to access Medicaid to get the medical benefits you need, and you may also protect assets. With the right planning and guidance of an attorney you may be able to receive benefits more quickly than if you fail to use the services of an attorney. Medicaid applications may be complex. Legal support may be needed as well as careful documentation of eligibility. The process is time sensitive, and results will vary depending on your individual situation. The sooner you take action, the better.
At Raskin & Makofsky, LLP, based on Long Island, both of our Certified Elder Law Attorneys* have handled Medicaid planning for New York clients for more than 20 years, and our associates are also very experienced in Medicaid Planning. We spend time getting to know our clients and learning their stories in order to develop a legal strategy that is customized to their particular circumstances.
To schedule an appointment to discuss Medicaid planning and asset protection strategies with a lawyer at our firm call (516) 228-6522 or contact us online.
Protecting Your Home and Your Assets In A Medicaid Plan
There are ways to protect your assets and become eligible for Medicaid. You should seek competent legal advice before attempting these options. The viable planning options may be:
- Deed transfers: Transfer the title to your home to an irrevocable trust or to another person.
- Spousal refusal: In New York, your spouse has the right to refuse to pay your medical costs. We may be able to shift your assets into your spouse’s name, then invoke this right. This may result in savings to the family.
- Gifts and promissory notes: You may be able to protect assets by gifting them to people or trusts and then creating a promissory note or a special type of annuity to pay your monthly expenses during a period of time in which you are not eligible for Medicaid.
Once you have received Medicaid there are certain situations where the Department of Social Services can make a claim on your estate to seek reimbursement for monies they have expended. Through the use of certain legal tools you may be able to reduce the ability of the Department of Social Services to seek reimbursement.
Innovative Solutions … Because Every Client is Unique
At Raskin & Makofsky, LLP, we know that no two clients’ needs and circumstances are ever the same. We spend a good deal of time considering different options to address our clients’ needs. By considering all the options and understanding that every case is different, we often come up with innovative solutions that efficiently meet our clients’ goals.
To help hasten the availability of benefits, we will work with you to prepare your Medicaid application.
To schedule an appointment with a lawyer at our firm, call us today at (516) 228-6522 or contact us online.
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*Certified by the National Elder Law Foundation.
The National Elder Law Foundation is not affiliated with any governmental authority. Certification is not a requirement for the practice of law in the State of New York and does not necessarily indicate greater competence than other attorneys experienced in this field of law.