Medicaid Planning Attorneys

Medicaid Planning Techniques NY

Our law firm can provide you with experienced, knowledgeable attorneys necessary to protect your rights in the event of a will contest or estate litigation.

Crisis Planning – Crisis Planning for Elder Law Attorneys involve situations where a family member is about to go into a nursing home or is already in a nursing home.

Gift and Promissory Note – A gift and promissory note program is designed to procure as much of the assets as possible of a senior about to go into a nursing home or already in a nursing home. Under this technique, the senior makes a gift of approximately fifty percent of his or her assets. In addition to making a gift of fifty percent of his or her assets the senior makes a loan of the other fifty percent of their assets. The loan causes a penalty period under the deficit reduction act of 2005. The gift and loan are designed to reduce the assets of seniors to $13,800 which is the amount the senior can maintain as of 2009 and still be Medicaid-eligible. This amount will go up in 2010 but it was not established at the time of the writing of this article.

The amount of the gift given to the senior will determine the number of months the applicant is ineligible for Medicaid coverage. This results in a penalty period. The promissory note paid to a trusted loved one will be used to cover the cost of the nursing home during this penalty period. If the plan is appropriately structured, the penalty period will end at the same time the loan payments are completed. Thereafter, the senior will become Medicaid eligible.

The result of this type of planning will safeguard approximately fifty percent of the senior’s assets instead of all the senior’s assets being utilized to pay the nursing home expenses. Fifty percent will be saved and the fifty percent will eventually become the property of the senior’s heirs.

Medicaid Eligibility

Should you or a loved one have issues concerning Medicaid eligibility and or preserving assets, the New York and Long Island Medicaid Planning Attorneys at the Law Offices of Elliot S. Schlissel are available to help you with sophisticated Medicaid planning techniques.

The Law Offices of Elliot S. Schlissel represents individuals, parents and grandparents in estate planning and elder law matters throughout the New York City area.

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