Did you know that in order to qualify for Medicaid, your monthly income in the state of New York must be $859.00 or less?
Medicaid is a program that can be a little hard to understand, and even more difficult to become eligible for. The program was created in the ‘60s to provide long term care to adults who are unable to work, thus it is often connotated with low income individuals. However, this does not necessary mean you need to have no money to qualify. Indeed, there are several strategies listed in the article linked below by agingcare.com that can help you protect your assets. They are as follows:
Asset Protection Trust
Income Trust
Private Annuities and Promissory Notes
A Caregiver Agreement
Spousal Transfers and Spousal Refusal
Being limited to $859.00 a month in the city, or even the state, of New York sounds like an incredibly unreasonable deal. The good news is that with the proper information and advice, there are ways to make sure you don’t lose your assets.
Danna & Associates, PC has been specialized in Elder Law and Estate Planning since 1994, thus leaving us with a liberal amount of experience and knowledge in completing Medicaid applications. For an attorney to help you through this burdensome application process, call 718.273.0300 for your free consultation today!
Click here for the article!