Medicaid Planning Lawyers in Manhasset NY, Offering the Eligibility and Asset Protection Services You Need
There are various reasons why a person could become eligible for Medicaid. However, one of the most common is simply reaching the age of 65. Medical costs increase significantly around this time, so it’s important for aging individuals to have access to benefits. Unfortunately, certain issues could leave you ineligible and facing financial difficulties. This is why you should speak with a Medicaid planning lawyer in Manhasset, NY.
At Marchese & Maynard, LLP, our skilled team of legal professionals has extensive experience in elder law issues. Whether you simply want help to ensure your Medicaid application is complete or need asset protection services to become eligible, we may be able to help. Contact our law firm today to learn more. We offer free consultations at our law office, so there’s no risk in seeking more information.
Why Do You Need Medicaid Planning Services?
There are many different reasons that a person may need Medicaid planning services in Manhasset, NY. Some of these reasons are simple. For instance, you may just need assistance gathering the appropriate documentation for applying. However, many people who utilize such services have much more complex needs. In fact, they could need to restructure all of their assets to even become eligible.
That’s because New York Medicaid eligibility is fairly strict. If you live in a single-person household, having resources that exceed $16,800 was enough to make you ineligible in 2022. Income limits are even more strict and could disqualify someone from earning just $11,208 in a year. A Medicaid planning lawyer in Manhasset, NY can help you restructure your assets in such a way that they don’t count toward your eligibility threshold.
Without using these services to meet government requirements, you could spend all your money on rising healthcare costs.
Which Tools Can Help You Plan for Medicaid?
There are a variety of ways to meet Medicaid financial eligibility requirements. However, most of these methods involve the transfer of property. By transferring assets to another entity, they are no longer included in your countable assets for Medicaid eligibility. Such properties can include money, real estate, stocks, and more. Depending on the asset, you may be able to transfer it to a spouse, child, or caretaker.
While this could be as simple as signing over properties, there are nuances to the law that could function as roadblocks. That’s why you should speak with a Medicaid planning lawyer in Manhasset, NY before making any major decisions. They can let you know all your options — including the use of Medicaid Asset Protection Trusts (MAPTs) — so you can choose what works best for you.
Have You Been Denied Medicaid Benefits?
Some people don’t think of Medicaid planning until they’re about to apply. Unfortunately, those individuals have fewer options. That’s because the law creates a five-year “look-back” period for asset transfers. This means that any transfers made in the 60 months prior to applying will result in penalties. In some instances, a person could find themselves ineligible for benefits. Benefits could also be denied if no transfers were made — depending on income and asset thresholds.
Fortunately, this does not have to be the end of the story. Being denied Medicaid benefits isn’t a permanent situation. People successfully request reversals and appeal denials all the time. This is another important strategy that a Medicaid planning lawyer in Manhasset, NY can help with. And even if an appeal wouldn’t help in your current situation, it’s possible to start making changes now that could make you eligible for future benefits.
Contact Marchese & Maynard, LLP, today to learn more.
Contact a Medicaid Planning Lawyer in Manhasset, NY Today
Medicaid planning involves an extensive variety of services to prepare you for submitting a successful application. You’ve worked hard for what you have in this life, and it seems inappropriate to lose everything near the end thanks to unavoidable health issues. Having a legal professional on your side can help you increase your approval odds and safeguard your assets as you get older.
At Marchese & Maynard, LLP, we’ve spent years helping our New York clients handle all their estate planning and asset protection needs. Applying for Medicaid can be a tricky process — particularly if you’ve exceed certain financial thresholds. Fortunately, it’s possible to receive benefits even if you’re currently ineligible. Contact us today by calling 516-447-2144. Our Medicaid planning lawyers in Manhasset, NY are ready to help.