MEDICAID PLANNING WITH AN ELDER LAW ATTORNEY
Jun 5, 2013
Nursing homes are a real possibility for older Americans and depending on where you live nursing homes can cost upwards of $50,000 a year. In New York the cost is estimated to be around $136,000 annually. In order to qualify for Medicaid you must cover the cost of your own care until your assets are reduced all the way down to the minimum amount permissible in your state. Due to the lack of any other programs, Medicaid has become the go to option for middle class Americans when it comes to long-term care.
Planning in advance, whether you do or do not expect to receive Medicaid benefits in the future, allows you to qualify for Medicaid much more quickly should you need long term care at some point in your life. A qualified estate planning and elder law attorney can help you chart out the best course of action for your Medicaid planning in order to protect your estate for future beneficiaries.
Medicaid planning tools such as the different types of irrevocable trusts, annuities, long-term care insurance, etc. can save you thousands of dollars and protect the legacy you’d like to leave behind for your spouse or your children. The right course of action when it comes to Medicaid Planning will be different for everyone as no two people have the same circumstances. An Elder law attorney can help you identify the steps to take in your Medicaid planning process which would be the most beneficial to you and your loved ones.
Juliet Gavriel, Esq.
Estate and Elder Law attorney
Practice Limited exclusively to: Wills, Trusts, Estates, Probate, and Medicaid Planning.
Located in Forest Hills- Queens, New York City, New York