Melville, NY, Medicaid Planning Lawyer

Schneider, Garrastegui, & Fedele, PLLC helps people protect their assets while qualifying for long-term care through Medicaid.
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Medicaid Planning in Melville

Did you know that by the time you’re 65 years old, there’s a 70 percent chance you’ll need long-term care? It can cost hundreds of dollars a day, making it prohibitively expensive for most New Yorkers. Fortunately, you can take steps to qualify for Medicaid to cover the costs. This is true, even if you have a high-value estate with lots of assets. First, though, you’ll need to undergo Medicaid planning to transfer assets from your estate. Then you can meet the eligibility requirements when it’s time to apply for Medicaid.

Medicaid planning is complicated, with numerous rules and regulations governing the program. Thus, consult with a Melville, NY, Medicaid planning lawyer for assistance. After reviewing your situation, the lawyer can go over planning options to help you qualify. Because Medicaid has a five-year look-back period for nursing home coverage, you need to start early, so reach out today.

Medicaid Planning Strategies

Your Melville, NY, Medicaid planning lawyer will discuss your options for qualifying for the program. This might include:

  • Spousal asset transfers
  • Irrevocable funeral trusts
  • Annuities
  • Spending down assets
  • Medicaid asset protection trusts

These are just some of the possible strategies. Schedule your consultation today so you can review your options.

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Why Choose Schneider, Garrastegui, & Fedele, Pllc?

  • Hyper-focused on Your Needs – While some firms dabble in numerous practice areas, we focus on elder law and real estate. Our limited scope of practice allows us to stay up-to-date and provide hyper-focused, client-centric legal services.
  • Highly Rated – Our firm has accumulated numerous 5-star reviews on Google, Facebook, Yelp, and Avvo.
  • Two Locations to Serve You – Visit our fully staffed Class A office space in Melville, NY, or make an appointment at our satellite office in Hauppauge, NY.
  • Small Firm with Big Firm Assets – As a small firm, you can expect hands-on, customized service with us. At the same time, our assets are comparable to a much larger firm, so we have the resources to help clients of varying and even challenging needs.
  • Bilingual Support – With both English and Spanish-speaking staff and attorneys, you’ll feel at home at our firm.

Protect Your Spouse With Medicaid Planning

If you are married, you are likely concerned about what will happen to your spouse if you need long-term care. Sadly, far too many people lose everything when their spouses receive nursing home care, but that doesn’t have to be the case. Your Melville, NY, Medicaid planning lawyer can go over strategies to protect your spouse while still helping you qualify for Medicaid.

While Medicaid has spousal impoverishment rules in place, they often don’t provide enough protection to allow the healthy spouse to maintain the same standard of living. However, you can consider other options, such as a spousal asset transfer or spousal refusal to protect your loved one. Contact our firm today to explore these and other options.

Trusts For Medicaid Planning

Many New York residents use trusts to help them gain eligibility for Medicaid. However, it’s important to understand that all trusts are not equal regarding Medicaid eligibility. For instance, a revocable trust will not help you reduce your assets to become eligible for the program. Instead, you must create an irrevocable trust for this purpose. You will choose a trustee to manage the assets and then transfer your property into the trust. Once transferred, the assets are effectively removed from your estate. Thus, they won’t be included in the estate’s value as long as the look-back period has passed.

While you won’t own the assets, you can still benefit from them, meaning you can still earn an income. Additionally, you can choose beneficiaries to receive the assets after you pass away.

You need to make sure you follow the rules and guidelines for trusts in order to qualify. Thus, reach out to our Melville, NY, Medicaid planning lawyer for assistance.

Look-back Period

New York imposes a look-back period of 60 months when applying for Medicaid for nursing home care. Additionally, there is a 30 month look-back period for at-home care services. Any assets transferred out of your estate during this time can still count toward your estate’s value. For instance, if you gave your child $10,000 last year, it will still be a part of your estate as far as Medicaid is concerned. Because of these look-back period, it’s wise to start planning early. With that in mind, contact our Melville, NY, Medicaid planning lawyer today.

Jointly Held Accounts

In terms of Medicaid eligibility, you typically own 100 percent of your jointly owned accounts. That means if you share a bank account with your child, the money inside will be added to your assets when applying for Medicaid. However, you’ll own 50 percent of assets inside of shared accounts that require two signatures to withdraw funds. While this is the standard rule, exceptions do apply from time to time. For instance, if your name is on a shared bank account with your child and you can prove that he or she contributed all of the money, you might be able to remove it from your list of assets. Due to the complexities, it’s wise to consult with a Melville, NY, Medicaid lawyer to determine the impact of your accounts.

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Clients first entrusted us to help them with their estate planning and elder law issues over 30 years ago. Since then, we have expanded our practice to include real estate, but our focus continues to be on assisting clients with some of the biggest issues they will face in their lives.

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