Medicaid Planning Lawyer in Long Island

Ensuring Your Future with Medicaid Planning

Did you know that by the time you’re 65 years old, there’s a 70 percent chance you’ll need long-term care? It can cost hundreds of dollars a day, making it prohibitively expensive for most New Yorkers. Fortunately, you can take steps to qualify for Medicaid to cover these costs. This is true even if you have a high-value estate with lots of assets. First, you’ll need to undergo Medicaid planning to transfer assets from your estate. Then, you can meet the eligibility requirements when it’s time to apply for Medicaid.

Medicaid planning is complicated, with numerous rules and regulations governing the program, but our Medicaid planning attorneys on Long Island are here to help. After reviewing your situation, your lawyer can explore planning options to help you qualify. 

Because Medicaid has a five-year look-back period for nursing home coverage, you need to start early. Reach out to us at (631) 519-9831 or fill out our online contact form.

Understanding the Medicaid Application Process

Navigating the Medicaid application process can be daunting, but our experienced attorneys at SGF Law are here to guide you every step of the way. Understanding the intricacies of the application can significantly impact your eligibility and benefits. We offer personalized consultations to help you comprehend the necessary documentation, timelines, and potential challenges you may face.

Here’s what you can expect when applying for Medicaid:

• Comprehensive Assessment: We’ll evaluate your financial situation, medical needs, and any existing assets to create a tailored plan.
• Documentation Preparation: Our team will assist you in gathering and organizing all required documents to ensure a smooth application process.
• Application Submission: We’ll handle the submission of your application, ensuring all information is accurate and complete to avoid delays.
• Follow-Up Support: After submission, we will monitor the status of your application and address any additional requests from Medicaid.

By partnering with SGF Law, you can alleviate the stress associated with the Medicaid application process and increase your chances of a successful outcome. Let us help you secure the benefits you deserve. Our legal team ensures that you navigate potential pitfalls and understand the nuances of Medicaid regulations, minimizing the risk of application denials or delays.

What Are the Eligibility Requirements for Medicaid in Long Island? 

To be eligible for Medicaid in Long Island, specifically Nassau County and Suffolk County, individuals must meet certain criteria related to income, assets, and medical need. Some key points regarding Medicaid eligibility in Long Island:

• Eligible individuals may include those receiving Supplemental Security Income (SSI), public assistance, SNAP benefits, and those who meet the specified eligibility criteria outlined by the means test conducted as part of the application process.
• Medicaid applicants in Long Island must adhere to the financial requirements of the means test to qualify for Medicaid benefits. This means meeting specific income and asset limits to demonstrate financial need.
• Community Medicaid in New York, including Long Island, has income limits of $1,800 per month for an individual and $2,433 per month for a couple. These limits may vary based on the applicant's category (e.g., aged, disabled).

Understanding your eligibility for Medicaid in Long Island can be complex, as the regulations are constantly evolving. It's crucial to work with professionals who keep abreast of changes in Medicaid laws and practices. Our attorneys at SGF Law are continually informed about these updates, ensuring that your application aligns with the latest requirements and maximizing your chances of approval. Connect with a Medicaid planning attorney in Long Island for experienced support.

Jointly Held Accounts & Medicaid Eligibility

In terms of Medicaid eligibility, you typically own 100% of your jointly held accounts. This means if you share a bank account with your child, the money inside will be added to your assets when applying for Medicaid. However, you’ll own 50 percent of the assets inside shared accounts that require two signatures to withdraw funds. While this is the standard rule, exceptions do apply from time to time. For instance, if your name is on a shared bank account with your child and you can prove that they contributed all of the money, you might be able to remove it from your list of assets. 

Understanding the nuances of how jointly held accounts affect Medicaid eligibility can prevent unintentional asset count complications. We will help you navigate the verification process, providing documentation and evidence to accurately represent your financial contributions and avoid misrepresentations that could impact your eligibility. Consulting with our attorneys can clarify these complex situations, protecting your interests and ensuring compliance with Medicaid requirements.

For experienced guidance, turn to a skilled Medicaid attorney at . Contact us or call (631) 519-9831 to secure a consultation.

Understanding the Look-Back Period

New York imposes a look-back period of 60 months when applying for Medicaid for nursing home care. Additionally, there is a 30-month look-back period for at-home care services. Any assets transferred out of your estate during this time can still count toward your estate’s value. For instance, if you gave your child $10,000 last year, it will still be a part of your estate as far as Medicaid is concerned. Because of these look-back periods, it’s wise to start planning early. 

An early start is crucial to avoid penalties associated with transferring assets within the look-back period. Proactive Medicaid planning allows you to strategically reduce your estate's countable assets, thus ensuring smoother qualification for benefits. Our team specializes in identifying and implementing solutions that can prevent your estate from suffering delays or penalties when facing potential Medicaid scrutiny.

Medicaid Planning Strategies

Your lawyer will discuss your options for qualifying for the program. This might include:

• Spousal asset transfers
• Irrevocable funeral trusts
• Annuities
• Spending down assets
• Medicaid asset protection trusts

These are just some of the possible strategies. Schedule your consultation so you can review your options. Discussing your specific circumstances with a Medicaid planning lawyer in Long Island can reveal opportunities you may not have considered, and proactive planning can significantly enhance your ability to qualify for Medicaid benefits while protecting your estate. Let us assist you in understanding the implications of each strategy so you can make informed decisions.

Protect Your Spouse with Medicaid Planning

If you are married, you are likely concerned about what will happen to your spouse if you need long-term care. Unfortunately, far too many people lose everything when their spouses receive nursing home care, but that doesn’t have to be the case. Your Medicaid planning attorney in Long Island can review strategies to protect your spouse while still helping you qualify for Medicaid.

While Medicaid has spousal impoverishment rules in place, they often don’t provide enough protection to allow the healthy spouse to maintain the same standard of living. However, you can consider other options, such as a spousal asset transfer or spousal refusal, to protect your loved one. Understanding these options can be invaluable in maintaining financial stability and peace of mind. Spousal asset transfers, for example, are a legal method for allocating resources between spouses and can help safeguard a portion of your joint estate. Similarly, spousal refusal might provide a strategic advantage. We can help clarify these strategies and select the one that aligns best with your specific situation.

Using Trusts for Medicaid Planning

Many New York residents use trusts to help them gain eligibility for Medicaid. However, it’s important to understand that not all trusts are equal regarding Medicaid eligibility. For instance, a revocable trust will not help you reduce your assets to become eligible for the program. Instead, you must create an irrevocable trust for this purpose. You will choose a trustee to manage the assets and then transfer your property into the trust. Once transferred, the assets are effectively removed from your estate. Thus, they won’t be included in the estate’s value as long as the look-back period has passed.

While you won’t own the assets, you can still benefit from them, meaning you can still earn an income. Additionally, you can choose beneficiaries to receive the assets after you pass away. Creating and managing an irrevocable trust requires careful planning and legal guidance to ensure compliance with Medicaid eligibility criteria. Our attorneys provide invaluable assistance in setting up these trusts, helping you understand their implications and ensuring that your estate planning aligns with your goals while adhering to legal requirements.

Local Long Island Factors in Medicaid Planning

Medicaid planning in Long Island entails understanding local factors that may influence your strategy. For instance, Nassau and Suffolk Counties have specific office locations where applications are processed. It is beneficial to be familiar with these locations to ensure timely submissions and follow-ups. Given Long Island's proximity to New York City, residents might face higher living costs, which should be considered when planning financial strategies. 

Additionally, nursing home vacancies and community care availability can fluctuate, affecting how soon Medicaid benefits might kick in. Keeping aware of regional healthcare facilities and options can aid in creating a practical application strategy. Our firm is deeply familiar with these local dynamics and uses this knowledge to benefit our clients.

Secure your future with a trusted Medicaid planning attorney in Long Island. Get personalized advice to protect your assets and ensure eligibility. Call (631) 519-9831 now!

Medicaid Planning Frequently Asked Questions

How Does the Medicaid Look-Back Period Affect Me?

The Medicaid look-back period in New York spans 60 months, during which asset transfers are scrutinized. Improper transfers, like large gifts, can trigger penalties, delaying benefits. Planning is essential to avoid complications. Our attorneys at SGF Law can help develop compliant strategies to protect your assets and ensure smooth Medicaid eligibility.

What Options Exist for Protecting My Home from Medicaid Recovery?

Protecting your home from Medicaid estate recovery is possible through strategies like placing it in an irrevocable trust or creating a life estate. These methods can remove your home from countable assets while preserving its value for your heirs. SGF Law can assess your situation and recommend the best steps to safeguard your property, ensuring it remains a meaningful inheritance for your loved ones.

Can Medicaid Help Cover In-Home Care Costs?

Medicaid can cover in-home care costs through New York’s Community Medicaid program, offering services like personal care aides and nursing support. At SGF Law, we help you navigate the application process, ensuring eligibility and access to benefits that support comfortable living at home. Reach out to a seasoned Medicaid attorney for more information.

Due to the complexities, it’s wise to consult with a Medicaid lawyer in Long Island to determine the impact of your accounts. Call us at (631) 519-9831 today.