NJ Medicaid planning Attorney

Long-term care and financial security

you can have both

Because it can be a delicate subject matter, many people find any excuse to delay talking about long-term care. However, by refusing to discuss this topic, you are inadvertently creating a backlog of critical issues that may lead to major legal and financial difficulties later on. These, in turn, may ultimately prevent you from securing the quality care you or a loved one require. In order to avoid such dire circumstances, it is important to be proactive and start on your long-term care planning well before it is needed.
Individuals who are just getting started and have questions or concerns about long-term care would benefit from a consultation with a Medicaid planning lawyer. At its most basic, Medicaid planning is designed to assist prospective Medicaid applicants determine their eligibility for the program as well as explore financial strategies that can protect your resources while adhering to Medicaid’s policies. Indeed, there are a myriad of standards and regulations to be followed when it comes to Medicaid. This is why it is invaluable to consult with a Medicaid planning lawyer—secure your place in the program and avoid any legal and financial problems down the road.
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Medicaid and the costs of long-term care

When it comes to long-term care, one of the most primary concerns for most people is the cost. Though there is some variance in long-term care costs from state to state, the consensus is that it is expensive and can quickly become unviable for many people as their savings begin to disappear. However, by initiating a consultation with a Medicaid planning lawyer early on, you’ll find that you or your loved one have several options available that will work to protect your assets and allow you to maintain a proper living standard.

Using asset sheltering

Many people may associate asset sheltering with illegal practices such as fraud or tax evasion. However, this is a common misconception. In reality, asset sheltering is a legal and ethical practice that has increasingly become many people’s chosen method for securing the future of their long-term care. Moreover, if you are working with an experienced Medicaid planning lawyer, they will also help you with creating a plan that will let you preserve the income you need to keep up a reasonable standard of living.

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Irrevocable trusts—a secure option

Within Medicaid planning there are a number of plans and strategies that can be implemented to protecting your assets, but by far, the most effective of these is an irrevocable trust. This specific Medicaid planning option works by moving real or personal property into the trust where it will be exempt from being counted as an asset. The unique feature of an irrevocable trust is that its terms and assets cannot be altered or revoked, except by its designated beneficiaries. As such, any properties or finances held within a trust of this kind are protected from the state as well as other entities. However, if you are looking to use this option, keep in mind that there are certain time frames that must be adhered to. For example, you must have your irrevocable trust funded over a set period of time, and you must set it up several years before you enter into long-term care.

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You can think about estate administration as the management and planning of your estate as well as the execution of your planned wishes after your passing. Simply put, Morgan Legal will become your trusted partner to maximize your long term estate value and protect your assets.
There are dozens of laws and allowances that create loopholes which the state or third parties can use to take advantage of you. Without proper legal oversight, your estate could end up in the wrong hands or lose significant value.
Your will is a legal document outlining the dissemination of your assets upon your death. Not having a properly defined and filed will could lead to your assets being seized. Don’t let the government interfere!
The proof is in the results, simply put! For decades we’ve provided unbeatable support for our clients and time and time again they have given stellar reviews. You don’t become one of the best estate administration attorneys in NYC by accident!
We work fast, we do our diligence, and we work with you to settle on a budget that works for you. We take every measure to make our services affordable and keep your time and resources top of mind. No matter what, we ensure that what you pay now pales in comparison to the costs your business will incur if you don’t have a proper plan in place.

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Get a lawyer with experience

Medicaid planning is undoubtedly one of the more complicated areas of the law. There are numerous policies and regulations that require the strictest compliance as any mistake or oversight can have egregious effects and could result in you or a loved one being denied coverage for long-term care. As such, it is imperative that you work with a well-qualified Medicaid planning lawyer who is up to date on the program’s latest policies and has experience with asset preservation. Choose your Medicaid planning lawyer wisely to ensure that the future of your finances and long-term care are secure.

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important things you should know

Questions And Answers

Medicare is a federal program that is designed to help people 65 or over receive health insurance to cover the costs of doctor visits, medical tests, hospital stays, and even limited nursing care. Medicaid is also a federally funded program, but it is administered at the state level. Medicaid provides health insurance for people with limited financial resources and can also cover the cost of long-term care. The income threshold for Medicaid varies from state to state.
Many people are financially unable to meet the expense of long-term care. If you are counting on your savings to cover the costs of long-term care, you may soon find your finances dwindling away in a matter of months. Applying to Medicaid with the help of a Medicaid planning attorney is one of the best options available for people who cannot afford long-term care for themselves or a loved one.
Transferring your assets to your children may seem like a good way to preserve your resources, but in fact, your assets will remain at risk. If your children should experience financial difficulties, the assets you transferred to them will now count as their assets and can be used as contribution towards any outstanding debt. If any of your children should file for divorce, assets left in their care could possibly end up in the hands of their former spouse at the end of divorce settlements. In short, transferring your assets to any other individual, even your children, will still leave them unprotected.
While a trust does provide some protection to your assets, a revocable trust is still penetrable by the state, Medicaid, and creditors. For the most part, if you have access to the funds and assets held within a trust, then these other entities do as well. If you are interested in sheltering your assets, an irrevocable trust is a much safer option. Once you establish an irrevocable trust, you cannot modify or revoke it in any way, which means that if you can’t get to the assets you’ve placed in that trust, then neither can anyone else.