Emergency PlanningThe Stage Law Firm, LLP
Warwick Elder Law Emergency Planning Lawyers
With an aging population, many people have questions about things such as Medicaid planning and wealth preservation. In emergency planning situations, it is a smart idea to work with a lawyer who can provide effective yet efficient legal services. You can rely on our reputation and experience in the area of elder law to provide the competent legal services that you require.
The Stage Law Firm is a highly established law firm that provides legal counsel for a wide range of clients throughout New York. Our elder law practice and estate planning practices are led by experienced attorneys. We provide dedicated legal services that are tailored to meet your unique legal needs.
It Is Never Too Late for Medicaid Planning
If a loved one is in a nursing home or assisted living facility, it is never too late to do emergency Medicaid planning. By working with a lawyer, you may be able to save about half of the assets of the nursing home patient for family members.
At The Stage Law Firm, Attorneys at Law, we are highly experienced in the area of elder law. Our Warwick elder law emergency planning attorneys will explain the maximum resource level that can be left in your loved one’s name and provide information about other estate planning options such as irrevocable trusts and more. We can also assist with any tax issues that may arise.
Contact an Orange County Medicaid Planning Attorney
We are happy to visit nursing home patients and others at a place of your choosing for initial consultation. To schedule a meeting, please contact us at 845-986-1136.
Questions About Medicaid
IF A PERSON WISHES TO OBTAIN MEDICAID TO PAY FOR THEIR NURSING HOME STAY, MUST THEY TRANSFER ASSETS FIVE YEARS PRIOR TO APPLYING FOR MEDICAID?
Answer: Yes and No!
Yes, if the assets are transferred more than five years prior to applying for Medicaid, those assets will be exempt from Medicaid recouping them.
No, if you are IN the nursing home and need to apply for Medicaid you can transfer assets using the “penalty period” formula to preserve approximately one-half of your assets even though you did not transfer them more than five years prior to being in the nursing home.
IF I MAKE ANNUAL GIFTS OF UP TO $14,000.00 PER YEAR, WILL THESE GIFTS BE EXEMPT FROM THE MEDICAID TRANSFER RULES IF MADE WITHIN FIVE YEARS BEFORE APPLYING FOR MEDICAID.
The general rule is any transfer within five years of applying for Medicaid is not exempt. However, if a pattern of gifts has been established over many years some Medicaid applications have been approved, allowing those gifts to be “exempt transfers”. In those cased the Medicaid authorities agree that the gifts are part of a pattern of gifting for estate planning rather than Medicaid/nursing home planning.
IS IT EVER TOO EARLY OR TOO LATE TO START MEDICAID PLANNING?
Based on the current state of the Medicaid statutes, although long term care insurance is your best alternative to insulate your assets from nursing home expenses and Medicaid authorities, there are other statutes and regulations which when properly employed can save a family many of the assets. The earlier the planning the better, but always consult a Medicaid attorney regardless of the time at which Medicaid application is required to be filed.