Legal Help With Medicaid Applications In New York
Medicaid is a combined federal, state, and city program, meaning that rules vary from state to state. Nursing home and other institutionalized care are expensive, often far more expensive than most families can afford.
Our Buffalo law firm can help make sure this doesn’t happen to you. We can provide a reliable, cost-effective strategy to help you receive New York Medicaid nursing home benefits and help you through the Medicaid application process. Our lawyers will do their best to protect as many of your assets as possible.
The five-year “look back” period does apply to Medicaid nursing home and in-home care applications, so the sooner you start planning, the better. However, Ingold Law PLLC has proven and reliable strategies to help even in a crisis situation.
How Hiring An Elder Law Attorney Helps With The Medicaid Application Process
The Medicaid application process is difficult, and the laws are frequently updated. If your family wishes to save some assets, the help of a lawyer knowledgeable in the Medicaid application process will be required.
For starters, an elder law attorney experienced in Medicaid applications and New York Medicaid laws will know which strategies for meeting application requirements will best benefit your unique circumstances.
Irrevocable Trusts For Medicaid
Putting your assets in an irrevocable trust is one of many Medicaid strategies. If some of your assets are placed into an irrevocable trust five or more years prior to applying for nursing home Medicaid benefits, they will not be counted as a resource when attempting to secure Medicaid benefits. As long as you do not have access to the assets, they will be safe. However, you can usually retain the right to all the income from the assets and to occupy any real property that is part of the trust. As long as the trust is properly drafted and funded, it can be used to shield assets from Medicaid and from probate.
Medicaid Asset Protection Trusts
The second asset protection option is using a Medicaid Asset Protection Trust (MAPT). An MAPT holds your assets in a trust, which will keep them from being counted as part of your Medicaid application. These trusts must be established far ahead of time in order to avoid lookback periods and ensure eligibility.
Life Estate Deed
Another way an attorney experienced in Medicaid applications can help you qualify is through the use of a life estate deed. This allows you to still use your home as your own and access the assets of your estate, but keeps them from being counted toward Medicaid eligibility.
Comparing Life Estate Deeds And Medicaid Trusts
While the life estate deed is often less costly, it is not always recommended. Families may find that they may have to pay to keep up a vacant home for years.
On the other hand, the right MAPT can help preserve the capital gains exclusion. Assuming the look-back period has passed, the home may be sold without having to pay any of the principal toward the client’s care.
Taking The Confusion Out Of The Process
Trying to apply for Medicaid assistance on your own can be confusing. Let us help you instead. Contact Ingold Law PLLC in Williamsville at 716-972-3698 to schedule a consultation with one of our lawyers.