Westchester County Medicaid Planning Lawyer

Westchester County Medicaid Planning Attorney

For many Westchester individuals, the benefits available through Medicaid allow them to receive necessary long-term care when they become elderly or disabled. However, only people whose income falls below a certain limit are eligible for these benefits. Individuals whose wealth and assets exceed the limit need to implement Medicaid planning in order to qualify for this financial care. A Westchester, NY, Medicaid planning lawyer can help.

What Is Medicaid Planning in Westchester, NY?

Medicaid planning is an essential tool in estate planning and elder law. It can assist an individual who seeks benefits under Medicaid to prepare and submit their application. This assistance can include a variety of tasks, such as the collection and preparation of certain documents and necessary restructuring of finances in order to meet the eligibility requirements of Medicaid. It can become increasingly difficult should your monthly income exceed these limits.

If you own a certain amount of assets or income, which makes you ineligible for Medicaid benefits, you can seek ways to protect these assets and still qualify for Medicaid. It is vital then that you work with a seasoned Medicaid planning attorney, like those at Greco Law, who can work to ensure your assets are protected, any penalties are avoided, and your eligibility for Medicaid benefits remains valid.

The consequences of being denied Medicaid can have devastating impacts on your health and financial stability. This is why it is so crucial that you work with a team that will know how to correctly allocate and protect your assets in order to make you eligible to receive the long-term care benefits offered by Medicaid.

For individuals who are hoping to secure and safeguard their financial future and access needed healthcare, Medicaid planning offers a wide range of strategies to assist in navigating the complex government system involved in Medicaid benefits. Starting this process early on, no matter your age or health, is a wise move.

Strategies for Protecting Your Assets in White Plains Medicaid Planning

When you begin the process of Medicaid planning, there are several strategies your lawyer might use to ensure your assets are protected while retaining the necessary medical benefits of this government program. These asset protection strategies can include:

• Gifting certain assets to family members via a trust
• Placing your assets in an irrevocable trust, where they will not be counted against your Medicaid eligibility as long as the assets are not used to pay you or your spouse
• Transferring your home to intended beneficiaries so it will not impact your Medicaid eligibility
• Prepaying for your funeral expenses in a way to spend down your assets
• Paying off your mortgage or purchasing a vehicle is another way in which to spend down your assets

Speak With a Trusted Medicaid Planning Lawyer

Ensuring both your physical health and financial health is crucial. No matter your age or current health status, getting a head start on Medicaid planning is a wise move to protect your future. Contact the offices of Greco Law today to learn more.