Medicaid is a joint federal and state program that covers nursing home costs for people who meet both the financial and health eligibility requirements. Medicaid in New York covers long-term care (custodial care) at home, in an assisted living facility (with restrictions), and in a nursing home in Suffolk County, Nassau County, and surrounding New York areas.
New York Medicaid Asset Protection Trusts vs. Living Trusts
Not all trusts protect assets against nursing home costs. A living trust doesn’t protect the assets inside the trust, so it doesn’t help with New York Medicaid eligibility. To protect against nursing home costs, a Medicaid Asset Protection Trust must be properly drafted and irrevocable. A living trust (sometimes called a “loving trust”) is not an irrevocable trust and doesn’t protect against nursing home costs. As one of the leading New York law firms in the practice of New York Medicaid planning, we often help undo the damage done by plans that were made to protect assets but failed.
New York Medicaid Planning in Nassau County, Suffolk County, and New York City, NY
Medicaid planning is the legal process of arranging your property so that your assets go to your family (or other people or organizations that are important to you) rather than to pay the nursing home bills that Medicaid covers in New York. The best time to do Medicaid planning is well before entering the nursing home, when time is on your side and choices abound. But it’s never too late to plan for your healthcare needs in Nassau County, Suffolk County, and surrounding New York areas.
For Those Who Need Care, But Not in a Nursing Home in Nassau, Suffolk, and New York City, NY
Most people want to live in their own homes for as long as possible. Medicaid planning can help you access Medicaid home care services in New York. In addition, legal techniques, such as life estate and caregiver agreements, can help accomplish this goal while making the New York Medicaid application process easier and quicker if nursing home care is needed in the future. Even if you don’t ever expect to receive nursing home care, you must understand how Medicaid works and seek professional advice for your future healthcare needs. You can be penalized in the future for decisions that you make with the best of intentions today.
How New York/Florida Dual Residents (Snowbirds) can Plan for Medicaid
Many New York families are snowbirds or plan on becoming snowbirds. They take great comfort knowing that Russo Law Group, P.C. is admitted to practice law in both New York and Florida. Imagine the peace of mind knowing you can use the same trusted law firm whether your time of need happens in New York or Florida! Further, Russo Law Group, P.C. has created relationships with experienced elder law attorneys around the country if you need an elder law attorney outside of New York.
Russo Law Group, P.C. helps you and your loved ones handle estate planning, elder law, special needs planning, Medicaid planning, trust & estate, guardianship, small business planning, and real estate law. We welcome you to contact our Garden City, Lido Beach, or Islandia, New York law offices to learn more about how we can help address your New York Medicaid planning needs. We can also visit your home and offer virtual meetings for convenience.
If you have questions or concerns about Medicaid planning issues in Long Island and New York City communities, please don’t hesitate to contact the New York Medicaid planning attorneys with Russo Law Group, P.C.