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 does not protect the assets inside the trust, and so it does not help you qualify for Medicaid. In order to protect against nursing home costs, a pooled trust must be properly drafted, and must be an irrevocable trust. A living trust (sometimes called a “loving trust”) is not an irrevocable trust and hence does not protect against nursing home costs. As one of the leading New York law firms in the practice of Medicaid planning, we often help undo the damage done by plans that were made to protect assets but failed to do so.
New York Medicaid Planning
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 is set up to cover 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 health care 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 Surrounding Counties
Most people want to live in their own home as long as possible. There is Medicaid planning that can be implemented to access Medicaid home care services in New York. In addition, there are legal techniques such as life estate and caregiver agreements that can help accomplish this goal, while making the New York Medicaid application process easier and quicker, if nursing home care is ever needed in the future. Even if you don’t ever expect to receive nursing home care, it’s important that you understand how Medicaid works and seek professional advice for your future health care needs. You can be penalized in the future for decisions that you make with the best of intentions today.
How Snowbirds can Plan for Medicaid
Many New York families, who are already snowbirds or plan on becoming snowbirds, take great comfort that the law firm of Vincent J. Russo is admitted to practice law in both New York and Florida. Imagine the peace of mind of knowing you can use the same law firm with whom you have built a relationship, whether your time of need happens when you are in New York or in Florida! Further, Russo Law Group, P.C. has created relationships with experienced elder law attorneys around the country, if you are in need of 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, Islandia, or Manhattan, New York law offices to learn more about how we can help address your New York Medicaid planning needs.