Medicaid Planning Services in New York, NY
Services
- Estate Planning
- Estate Planning for Families with Children
- Estate Planning for Blended Families
- Estate Planning for the LGBTQ Community
- Estate Planning for Global Families
- Estate Planning for Children with Special Needs
- Estate and Tax Planning for High-Net-Worth Families
- Medicaid Planning
- Asset Protection Planning
As we age, the chances of requiring a home health aid, assisted living, or nursing home care increase for all of us. Referred to as long term care, this type of health care can be extremely expensive, and it is not covered by Medicare or other health insurance. As a result, this type of care can deplete your life savings, leaving your spouse impoverished and eating up any money you planned to leave to your family.
The only government program that covers long term care expenses is Medicaid. Unfortunately, Medicaid is only available to individuals who have minimal assets. To qualify for Medicaid in New York, an individual can have no more than $33,038 in countable assets in 2026.
While you may not need Medicaid now, planning early is the best way to preserve and protect your assets. By transferring your assets to a Medicaid trust, you can continue to benefit from the assets, while putting them beyond the reach of the government if you need to apply for Medicaid. Unfortunately, if you wait until you need Medicaid, it will likely be too late to shield your assets due to something called the “look-back period.”
The Medicaid authorities review all of an applicant’s financial records within the look-back period to see if the applicant gifted or transferred assets prior to applying for Medicaid. If the applicant made transfers within the look-back period, they may face a penalty period during which they cannot qualify for benefits.
How We Can Help
At the Village Law Firm, our Team will help you choose the right strategy for protecting your assets as you age.
Medicaid Asset Protection Trust
We may recommend creating an Irrevocable Medicaid Asset Protection Trust to protect your primary residence and certain income producing assets from Medicaid claims.
Transferring your home to a Medicaid Asset Protection Trust can allow you to remain in your home and preserve it for your heirs. Transferring your assets to this type of trust can allow you to receive the income from the assets while shielding them for your family. Our Team will walk you through the intricacies of setting up the trust and help you determine if it is the right option for you and your family. Medicaid planning generally requires relinquishing a significant amount of control over year assets, so it’s important to engage a legal team that will carefully explain all the pros and cons of any strategy prior to making a decision.
With years of experience applying for Medicaid on behalf of clients and implementing strategies to protect client assets, our Team can help you make the best decision for you and your family.
At The Village Law Firm, we’re dedicated to making the Medicaid Planning process as flexible as possible. If meeting at our office doesn’t work for you, don’t worry—we’ll come to you.