Start Your Medicaid Planning Now
The laws surrounding Medicaid are quite complicated and the sooner you start planning, the better. Your eligibility is affected by what is called a “five-year look back period,” meaning any financial gifts during the last five years will affect your Medicaid application. If you start accounting for this now, an estate planning attorney can help you effectively pass your assets through gifts and trusts without affecting your application later.
Are You Eligible?
Eligibility for institutional Medicaid, or Medicaid that covers nursing home care, is dependent on your finances. Your nonexempt assets must have a value of 14,250 dollars or less. An example of an asset that is exempt from this value would be your house.
Your spouse is allowed to keep your exempt assets and a portion of nonexempt assets while you are in a nursing home. However, your eligibility can be impacted by the five-year look back period if you gave any financial gifts during that time. Because of the regulations and planning involved, Medicaid is a very complicated legal area. Finding a knowledgeable attorney to help you could be the difference between acceptance or rejection of Medicaid benefits.
We Plan For Your Needs
The law firm of Bartle, McGrane, Duffy & Jones, LLP, has been serving New York residents for over 90 years and helping them to plan financially for the future. We will take time to understand your situation so we can offer the most effective solutions.
Our goal is always outstanding service. This reflects in our successful history but it also includes availability and timely replies to those who contact us. To set up an appointment with one of our lawyers, please contact us online or call 518-880-2243 or 800-575-9604.
We are located in Troy and serve clients throughout the Capital District and upstate New York.