How do I Incorporate Medicaid Planning in My New York Estate Plan?

How do I Incorporate Medicaid Planning in My New York Estate Plan?

There are many people who rely on Medicaid in the state of New York. Medicaid exists for people who cannot afford to pay for their medical care. It is understandable that people usually do not like to think about these matters in their life. However, it is always better to be prepared than to be caught without a plan when it is needed. As the cost of Medicaid has continued to increase over the years and healthcare is not always guaranteed for the future, it is important to prepare so that you have no worries. Continue reading below to learn more about Medicaid planning and contact an experienced New York estate planning attorney for assistance.

Should I Plan for my Medicaid Coverage?

Planning for Medicaid eligibility should begin at least five years ahead of time. When it is being determined whether or not an individual is eligible for Medicaid, the history of their assets will be reviewed. It is because of this that it is important to have a clear picture of their financial status to make sure they are setting themselves up correctly. This ensures the funds for future planning are maintained. Failing to properly prepare can result in serious fines and other legal repercussions.

Am Eligible to Receive Medicaid in New York?

The Medicaid program exists for those who have an income or resources that are below certain levels. While this is true, there are people who may be eligible, even if their income is above the levels that are specified. Generally, these levels change on January 1 of each year. Those who are eligible for Medicaid can include children, pregnant women, single individuals, families, and those who are certified blind or disabled. 

How Can I Restructure Assets to Get Medicaid Coverage?

It is beneficial to know that there are ways a person can restructure their assets in order to better their chances at becoming eligible for Medicaid. This can include the following:

  • Gift certain assets to family members or loved ones
  • Create irrevocable trusts
  • Transfer the title of the home to the beneficiaries who would receive it upon the decedent passing anyway
  • Pay off debts and mortgages 
  • Make repairs to your home 
  • Prepay for your funeral expenses
  • Consult an attorney regarding other restructuring method that may work for your specific situation

Contact our Firm

If you or a loved one needs assistance creating an estate plan and wish to speak with an experienced attorney, contact the Law Office of Andres D. Gil, PLLC today.

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