NYC MEDICAID PLANNING LAWYER
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DEFINING MEDICAID PLANNING
For many people, thinking about long-term care is a topic that is often put off as long as possible. However, in doing so, they are setting themselves up for potential legal and financial problems that could hinder their ability to receive the care they or a loved one need and deserve. Because of this, it’s crucial to begin long-term care planning as early as possible, before it is needed. But to do so properly, it’s best to work with an experienced and knowledgeable Medicaid planning lawyer. By choosing to do so, you and your family members will receive the guidance needed to make informed decisions on this complex issue.
Since there are numerous rules and regulations regarding Medicaid, work with a lawyer who understands the complexities associated with this government program. In most cases when a client meets with an attorney to discuss long-term care options, they probably will not have heard of Medicaid planning. Simply put, it it assistance given to a potential Medicaid applicant by an attorney that not only helps to ensure they are eligible for Medicaid, but will also eliminate the chances of any problems developing that could result in a failure to comply with existing Medicaid policies.
WHY IS MEDICAID PLANNING IMPORTANT?
In virtually every U.S. state, long-term care is extremely expensive, often costing several thousand dollars per month for nursing homes or assisted-living facilities. If adequate planning has not been done beforehand, a family’s life savings can be quickly wiped out paying for these services. However, by working with a skilled Medicaid planning lawyer before the need arises, families can discover there are numerous legal strategies that can help preserve assets and income, which can be important in being able to let a spouse or other loved ones maintain a reasonable standard of living.
SHELTERING ASSETS
When many people think of sheltering their assets, they tend to wonder if this is legal. Not only is it perfectly legal, but when done by an attorney who understands how to navigate the complexities associated with Medicaid rules and regulations, is completely ethical and a smart choice for families who have income and assets they need to protect in order to maintain their standard of living. While initially unknown to many people as a viable option, it has become very popular in recent years as the preferred method of planning for long-term care.
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Morgan Legal Group PC
PRACTICE AREAS
WILLS AND TRUSTS
WILLS AND TRUSTS
It is never too early to make out a will. The thought of dying is not one that most people wish to dwell on....
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MEDICAID PLANNING
MEDICAID PLANNING
For many people, thinking about long-term care is a topic that is often put off as long as possible. However, in doing so, they are setting....
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ASSET PROTECTION
ASSET PROTECTION
You work hard in life, and you accumulate specific assets as a result. Perhaps you have a home...
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PROBATE
PROBATE
If you need an attorney to help you with probate issues during difficult times of grief in New York City, Morgan Law Group PC can help you...
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ESTATE PLANNING
ESTATE PLANNING
Mortality is a grim but stubborn fact of human life. You cannot live forever, and it is important...
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BUSINESS PLANNING
BUSINESS PLANNING
You pour your life into starting, growing and managing your business. As you work hard to keep your business driving in the right direction, it can be easy to lose sight of the long term...
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ELDER LAW
ELDER LAW
With the population of the United States consisting of more and more older adults, it’s important...
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GUARDIANSHIP
GUARDIANSHIP
Guardianship is a serious matter. When you ask the court for rule over another person, you are mostly taking on the challenge of overseeing their life...
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Pleasure working with Morgan Legal Group. You can see that Russel Morgan and his staff care for their clients. They answer any question you may have almost immediately. They have helped my company to buy real estate for our own office and they continue consulting us on different problems we face. Hope to continue working together for many years to come!
Starting a business was stressful enough without worrying about going broke. Luckily, Russel Morgan helped me craft an incredible asset protection plan that lets me sleep at night while still taking the risks my business needs.
Russel Morgan's attention to detail was astounding. He scoured every single document when we were buying a home and made sure we weren't getting scammed. I never knew that lawyers could be so proactive and dedicated to providing the best possible service.
Great law firm. Very knowledgeable about Trust and Estates. Highly recommend them.
Nowadays it’s hard to find a law firm which you can trust and which can actually do what they promise to do. However, Russel Morgan has made me a believer that I can rely on their help for business litigation. Even though our negotiation process against an ex- partner’s company was very tough, my company would not have been successful without Russel Morgan’s dedication to success. If you need any help with business litigation I advise you to contact the Morgan Legal Group.
Thanks to Mr. Morgan and his company, my problem with estate planning was solved. I was struggling to find a honest and reliable, real estate and estate planning lawyer, and, therefore, I was very thankful when I got a detailed plan from Russel which was super easy to understand and to make things even better they helped me get my house got sold 2 weeks later! They also helped me with all the documentation, deed transfer and other paperwork. I highly recommend their firm to everyone who wants to receive a honest service and solve problems with estate issues!
Among a high number of law firms which offer help regarding probating your loved one’s estate. I will choose this one over any. The service that I received was exceptional. I have secured my house and an apartment left to me and my wife. Thank you!
IRREVOCABLE TRUST
While there are many strategies that can be used in Medicaid planning, the most popular for many people is what’s known as an irrevocable trust. When this Medicaid planning option is used, any real or personal property placed in the trust will be excluded from a person’s assets for Medicaid planning. Requiring a proper beneficiary, this plan allows for the principal which is deposited into the trust to be legally sheltered from the state, and thus be preserved for heirs. However, it’s important to note that an irrevocable trust must be created and funded for a certain period of time in order to be a viable Medicaid planning strategy. Also, many states require these trusts be set up at least several years ahead of when a person will need to begin long-term care, to allow time for it to be judged to be in compliance with current Medicaid rules and regulations.
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CONSULT AN EXPERIENCED ATTORNEY
Of all areas of law, Medicaid planning can be one of the most complicated. If even the slightest mistake is made during the planning process, Medicaid coverage may be denied. Because of this, it’s critical to work with a Medicaid planning attorney who understands the process as well as the importance of paying attention to the slightest of details. By keeping this in mind when choosing your attorney, you and your family can have peace of mind, knowing the needs of loved ones and family members will be taken care of in the years ahead.