Rochester Nursing Home Planning Lawyers
Dedicated Rochester nursing home planning lawyers helping you preserve your property and plan for the future
Everyone knows that nursing home care in Rochester is very expensive, but when family and home health care aides are unable to provide a loved one with the care they require, it can become necessary to find a residential solution. At Friedman & Ranzenhofer, our Rochester nursing home planning lawyers provide seniors and their loved ones with financial planning options that can make nursing home care easily affordable with some help from Medicaid.
Medicaid has very strict requirements when it comes to having income and assets, but even a well-positioned individual or couple can quickly spend up their resources if forced to pay for nursing home care out of pocket in Rochester. Instead of spending your life savings, our attorneys will help you preserve your assets with protection from penalties with Medicaid’s five year “look back” period.
Plan Ahead for Medicaid’s Five Year “Look Back” Period
As part of Medicaid’s nursing home care eligibility review, the last five years of your financial life will be examined, including transfers of cash or assets made to anyone other than your spouse. If making a large gift to a child or loved one during the five year period when applying for nursing home care, Medicaid will calculate a no-payment period which will reflect the amount of the transfer. Medicaid will divide the average cost of nursing home care in Rochester, to determine a length of time in which benefits will not be paid.
The best solution to these problems is making sound financial plans while your healthy and not in need of nursing home care. By taking advantage of strong financial instruments like trusts, annuities, and other strategies, our Rochester Nursing Home Attorneys can help you direct money to loved ones while allowing you to gain access to important health care resources without a penalty period. If you live in Rochester and your health is declining, your need for nursing home care is looming. The Rochester nursing home planning lawyers at Friedman & Ranzenhofer can help you protect your assets during Medicaid’s penalty period, and provide you with the tools and resources to live comfortably in a nursing home.
The Financial Tools To Protect What You Love
Some of the most significant financial tools available to you for Medicaid and nursing home planning are trusts. Trusts are legal entities which you can transfer assets or cash into. If you were to transfer a high-value asset like a piece of property or home into a trust, you will no longer be the legal owner. Trust documents will designate who the trustee will be (often an adult child) and lay out the rules of how they must manage the trust.
Another type of trust, which is a pooled income trust, was created to lower your income to eligible levels, all while paying expenses, preserving your earnings, and keeping your extra income available to be passed on to your heirs. Our Rochester Nursing Home Attorneys can help guide you through many ethical, and legal ways to protect yourself and all that you’ve worked for. When it’s time to think about long term care in a nursing home in Rochester, contact one of our experienced Rochester nursing home planning lawyers at Friedman & Ranzenhofer.
Contact Friedman & Ranzenhofer today for a legal consultation. Let’s discuss your nursing home planning and Medicaid needs to help you formulate the best strategy for your future.