Many Americans rely on Medicaid. But, not everyone realizes the importance of planning ahead. Read on for more information about Medicaid in New York, why you need to plan ahead, and the best way to go about preparing your assets.
What to Know About Planning for Medicaid in Advance
It is beneficial for you to begin planning for your Medicaid eligibility at least five years in advance. When eligibility is determined, the history of your assets will be looked into. As a result, you must have a clear picture of your financial status. The failure to prepare yourself can result in serious fines and other legal repercussions. It is best to reach out to an experienced attorney to ensure that you are on the right track.
Am Eligible to Receive Medicaid in New York?
Medicaid is a program for individuals whose income and/or resources are below certain levels. However, there are individuals who have medical bills that may be eligible even if their income and/or resources are above the Medicaid income levels that are allowed. These levels generally change on January 1 of every year. Individuals who are eligible for Medicaid can include children, pregnant women, single individuals, families, and individuals certified blind or disabled. If you are unsure of your eligibility, you can contact our firm to discuss.
Restructuring Assets to Get Medicaid Coverage
There are a variety of ways that you can restructure your assets in order to better your chances of receiving Medicaid coverage. This can include:
- 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
If you have any questions or concerns about Medicaid, our firm is here to help. Reach out to speak with an experienced estate planning attorney today.
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.