Nassau County Medicaid Planning Attorney
The high cost of nursing homes can quickly exhaust a person's assets. In a matter of months or a few years at most, a person's life savings can be wiped out. With proper planning however, it is possible to become eligible for Medicaid, which can pay for nursing home care.
The Law Office of Roy A. List is a firm that helps people preserve their assets while obtaining long-term care. We understand the complex laws that govern when and how asset transfers can be made and how to take full advantage of the available options.
Contact us for a free initial consultation.
Plan Ahead — If You Can
Federal law places a five-year look back test on asset transfers made before a person becomes eligible for Medicaid. For this reason it is always better to plan ahead — before the need for nursing home care becomes a necessity.
Our firm can review your situation and recommend the right solution for you. We can identify the legal vehicles that can enable you to transfer assets to adult children or other family members in compliance with the look back provisions of the law. Then we can create the trusts or other legal vehicles that can protect your assets and provide a legacy for your children. When and if you need to go to a nursing home, our firm can review the proposed nursing home contract to ensure that your rights are protected.
It's Never Too Late
There are still measures our firm can take after an unexpected crisis occurs that places your loved one in a nursing home. Certain types of transfers are still allowed, and we can explore the possibilities of placing assets in annuities or promissory notes. Use of these vehicles can preserve assets for heirs while still enabling the person to qualify for Medicaid.
When it comes to long-term care planning, there is no magic formula that can work in every situation. Instead, our firm will draw upon a number of trust and asset options to create a customized solution for you. Our goal will be to preserve as many assets as possible, while enabling your family member to live in comfort and dignity in a nursing home.
Contact a Medicaid Planning Lawyer Today
For a free initial consultation with the Law Office of Roy A. List, contact our firm. Located in Hicksville, New York, we serve clients throughout Long Island.
