Going into a long-term care program is a worry more many seniors. With expenses going up and up, they worry about their resources being depleted and bank accounts drained. Many elders can be eligible for Medicaid. A state and federal program for seniors which acts as an insurance program for long term nursing home or institutional care.
The Medicaid program is complex and always changing. It’s best to create a plan in advance so you are prepared to receive Medicaid if need be.
New York Medicaid Program
Even if you don’t need Medicaid for long-term care now, there are advantages of protecting your assets in advance. It will help facilitate your Medicaid application when and if the time comes to need it. Planning in advance is different for everyone based on their income, savings, marital status, home ownership and other financial factors. Getting a Queens and Long Island Medicaid lawyer will with you in your circumstances, and help you implement a plan to optimize your future in this regard.
Asset transfers, irrevocable trusts, testamentary trusts, life estates, immediate annuities and other tools may be used in Medicaid planning. Because of potential penalties and the complex laws regarding Medicaid eligibility, it is important to get all of the pertinent legal advice necessary to make informed decisions. Lynch & Lynch specializes in Medicaid planning and will help ensure your elder’s future care in the best possible financial way.
Contact Lynch & Lynch, Queens and Long Island’s Medicaid Attorney to get started on your Medicaid planning.