“An Introduction To Medicaid Planning and Asset Protection For Nursing Home Care”

Medicaid is a program that can be very helpful, but can also cause a huge headache when it comes to financial stress. The regulations can change from state to state, but some things are federally demanded for this program. One thing that remains true, no matter where you are, is that asset protection is absolutely necessary to avoid surprises down the line.

Familyassets.com warns: “Medicaid was designed with low-income and impoverished Americans in mind. In theory, this means you would only be eligible for Medicaid when your income is low (approximately $2,000 per month or less) and you’ve spent your countable assets to the point that they are almost non-existent ($2,000 in total for a single person).” However, with proper and expert planning, you can protect your assets and still qualify for Medicaid. As you may know, long term care for the elderly can cost a small fortune over time, for individuals who are no longer able to work. It is our intention to help you become eligible for Medicaid to avoid massive debt incurred on the behalf of healthcare.

This would require creating one or more asset protection trusts to ensure your hard-earned money remains yours, or some other clever, but entirely legal, strategies.

Danna & Associates, PC has specialized in Elder Law and Estate Planning since 1994. Given our 25 years of experience, we are able to advise numerous strategies and create a Medicaid Plan that will work for you! Call 718.273.0300 for your free consultation today!

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