Responsive Copiague Attorneys Help Clients with Long-Term Care Planning
Experienced New York counselors handle a wide variety of Medicaid and elder law issues
If you fail to plan for the possibility of long-term care, the costs can deplete your assets and negatively impact your family’s financial security. At The Kelly Law Group, P.C. in Copiague, we understand how overwhelming long-term care planning can be and help clients get ahead of this issue by offering counsel to clients throughout Long Island and Queens on Medicaid and elder law issues. Our firm has decades of experience addressing these sensitive and complicated matters and has a number of strategies designed to preserve and protect your assets. Whether you are trying to qualify for Medicaid, set up a trust or get information on other asset protection tools, we will thoroughly examine your situation and determine all your available options.
Why Medicaid is a key part of long-term care planning
The high costs of long-term care can threaten the financial stability of almost any family. Medicaid benefits can be used to cover these expenses, but you must meet certain income and asset limits to qualify. Working with an experienced elder law attorney can increase your chances of getting approved for benefits and reduce the possibility of forfeiting assets under Medicaid recovery and payback rules. Medicaid benefits can be a valuable part of your overall elder care and estate planning strategy, but to fully utilize these benefits, your plans need to be properly structured. We are extremely knowledgeable regarding state and federal Medicaid rules and will explain how the law applies to your circumstances.
Helping you to preserve assets for your children and grandchildren
Being able to give your children and grandchildren financial peace of mind after you are gone is an important goal for many, and can be attainable if the right tools are put in place. The following are examples of some common mechanisms an attorney can help you implement to both shelter and maintain control over your estate:
- Financial power of attorney
- Pooled trust
- Annuities
- Long-term care insurance
- Strategic gifts and loans
- Spousal refusal of assets to maintain Medicaid eligibility
Every client comes to us with unique situations and needs, and we are adept at tailoring strategies to meet a wide range of objectives, from the relatively simple to the highly complex.
What is the purpose of a Medicaid Asset Protection Trust?
Many people now want to spend their last days at home rather than in a nursing home, and a Medicaid Asset Protection Trusts (MAPT) can give you the flexibility and protection to do so. A MAPT is an irrevocable income-only trust, meaning someone other than you or your spouse must be the named trustee. This can be a family member. You are limited to whatever forms of income you receive, such as Social Security benefits or pension distributions, but you can stay in your home as long as it is owned by the trust. Importantly, you can replace the trustee at any time, and assets can be freely sold and bought if they remain under the trustee’s control. This is a mid-term asset protection strategy, so you do need to set this up several years in advance, and we can assess whether this trust, or another option, is appropriate for you.
Contact a dedicated New York law firm to schedule a free initial consultation
At The Kelly Law Group, P.C., we understand the frustrations and financial concerns many clients have over nursing home care and counsel clients throughout Suffolk, Nassau and Queens Counties on a range of Medicaid and elder law issues. Call (631) 933-1655 or contact us online to schedule a free phone or Zoom consultation at our Copiague office.
