Rochester Medicaid Attorneys
Experienced Rochester Medicaid Attorneys Helping You Preserve Your Assets with Medicaid Laws
The requirements to be eligible for long term care assistance by Medicaid were significantly changed by the Deficit Reduction Act of 2005 and the 2006-2007 New York State budget bill. The most significant changes were the expansion of the look-back period to five years and modifying the penalty period start date for donations and gifts.
You can access long term care services through the Medicaid program while preserving your assets by following the guidance of our Rochester Medicaid Attorneys:
- Sign a Durable Power of Attorney to authorize your agent to manage your tangible assets and income if you are unable to do so. You must implement Medicaid planning to protect your assets.
- Sign a Health Care Proxy and Living Will. You will be authorizing someone to make medical decisions on your behalf and instructing your family and doctors about life prolonging medical procedures when medical recovery is not possible.
- Update your Will to show that your estate will not go directly to your spouse if they are in a nursing home.
- Create an Irrevocable Living Trust.
- Protect your Home. There are many ways you can protect your home, including the $750,000 equity exclusion, transfers to certain loved ones, life estates, trusts, reverse mortgages and home equity loans.
- New York State Partnership Long Term Care Insurance Policy allows access to Medicaid after your insurance runs out, regardless of the amount of assets owned.
- Set Up a Prepaid Funeral Account with a Funeral Home.
- Use your IRAs and Pensions.
- Have Certain Properly Documented as Gifts. These assets may not be subject to the Medicaid penalty rules.
- Maximize Spousal Allowances and Transfers. If one spouse enters a nursing home, then the other spouse is entitled to protect certain assets and income.
- Establish Caregiver Agreements (Personal Service Contracts) to pay your relatives or loved ones for helping you with daily care.
- Make Financial Transfers for the Benefit of Disabled Friends or Children.
- Spend-Down Your Available Assets.
Are you going through Medicaid for long term care services and want to protect your assets for your heirs? Friedman & Ranzenhofer are experienced Rochester Medicaid Attorneys that can guide you through the new Medicaid laws.