Trusted Guidance On Medicaid Planning
No one would want to see all of the assets acquired over a lifetime used to pay for nursing home care. At the same time, few of us would want to give up control of all of our assets years before any possible nursing home admission.
At the law office of J. Jeffrey Press, P.A., we can review your assets and advise you on a range of options to meet your goals for asset preservation and control.
Call 973-323-2654 to discuss your specific situation. Our attorneys serve clients in Parsippany, Clifton and throughout northern New Jersey.
What Is Medicaid Planning?
Medicaid is a program that covers things such as nursing home costs and custodial care for those who cannot afford to pay. However, to be eligible for Medicaid, you cannot own more than $2,000 in assets or have more than limited income.
Medicaid planning is the process of transferring or giving away some of your assets so you will not exhaust everything you own in order to pay for nursing home care.
Medicaid planning must be completed at least five years in advance of nursing home admission. When you apply for Medicaid, the government will look back at any asset transfers you made in the past five years and undo those transfers for purposes of Medicaid eligibility.
It does not make sense to let potential nursing home costs drive your entire estate plan. At the same time, most of us would want to protect at least some assets for our beneficiaries.
We help our clients make informed decisions with regard to Medicaid, nursing home care and a wide range of estate planning matters.
Contact Our Office Today To Get Started
To schedule a consultation with an experienced estate planning lawyer, please call our office or fill out our convenient online contact form.