With frequently changing rules that may differ between various programs even within the same state and a time-consuming application process, many elderly residents of New York may feel overwhelmed when it comes time to apply for Medicaid. Even worse, if, after all that work, an application for Medicaid is denied, the consequences can negatively impact not just the individual who applied but the entire family. These reasons and more are why a Medicaid planning attorney’s experience and knowledge may prove beneficial.
An attorney with experience in Medicaid planning will be able to help clients and their families prepare documentation and structure their finances in such a way as to ensure the best possibility of Medicaid acceptance. Some strategies involve creating trusts, converting assets to make them exempt or managing the transfer of assets to help prevent the family’s resources from being drained. There are also ways to help protect the family home.
In situations where only one spouse in a married couple needs care, healthcare costs can quickly outstrip any accumulated savings and assets, even quickly surpassing the value of the couple’s home. And in cases where both spouses require care, the expense could rapidly bankrupt most families. If Medicaid is denied in instances like this, the financial and caregiving burden typically falls to adult children and is often substantial and overwhelming, if not impossible.
Healthy older New York couples may also benefit from the services of an attorney with experience in Medicaid planning. While they may be able to afford much of the eventual long-term health care they might potentially require, the likelihood of completely draining a lifetime’s worth of assets and savings is high. Couples who wish to preserve any assets to pass down to their children and grandchildren often find the advice of a Long Island New York Medicaid planning attorney highly beneficial, especially as any mistakes made during planning can impact Medicaid eligibility for up to five years afterwards.