Contact
Address: 502 Park Avenue, New York, NY 10022
Phone: (646)
6932026
Website URL:
http://morganlegalny.com/medicaid-planning/
About US
When many
people think of sheltering their assets, they tend to wonder if this is legal.
Not only is it perfectly legal, but when done by an attorney who understands how to navigate the complexities associated
with Medicaid rules and regulations, is completely ethical and a smart choice
for families who have income and assets they need to protect in order to
maintain their standard of living. While initially unknown to many people as a
viable option, it has become very popular in recent years as the preferred
method of planning for long-term care.
While there are many strategies that can be used in Medicaid planning, the most
popular for many people is what’s known as an irrevocable trust. When this Medicaid planning option is used, any real or personal property placed in the
trust will be excluded from a person’s assets for Medicaid planning. Requiring
a proper beneficiary, this plan allows for the principal which is deposited
into the trust to be legally sheltered from the state, and thus be preserved
for heirs. However, it’s important to note that an irrevocable trust must be
created and funded for a certain period
of time in order to be a viable Medicaid planning strategy. Also, many states
require these trusts be set up at least several years ahead of when a person
will need to begin long-term care, to allow time for it to be judged to be in
compliance with current Medicaid rules and regulations.
Of all areas of law, Medicaid planning can be one of the most complicated. If
even the slightest mistake is made during the planning process, Medicaid
coverage may be denied. Because of this, it’s critical to work with a Medicaid
planning attorney who understands the process as well as the importance of
paying attention to the slightest of details. By keeping this in mind when
choosing your attorney, you and your family can have peace of mind, knowing the
needs of loved ones and family members will be taken care of in the years
ahead.
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Will Preparation Lawyer| Asset Management And Protection| Estate Planning
Lawyer| Irrevocable Trust| Living Will Lawyer| Trust Law Attorney| Last Will
And Testament Lawyer| New York, NY
Nearby Locations
Manhattan| Hoboken| Hackensack | Teaneck | Garfield
11237| 07086| 12590 | 07666 | 07026
Additional Details
Hours:
24 hours
Payment Method: cash, all credit cards, check
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