Medicaid Law Cases — Understanding The Risks

This article overviews:

• Saving if a loved one is already in a nursing home.
• What happens without proper Medicaid planning.
• The amount authorities will leave you with if taking money from you.

Can I Save Resources If A Loved One Is Already In A Nursing Home?

No, you cannot save resources if a loved one is already in a nursing home. Unfortunately, these aspects of Medicaid law cases are very complicated.

Use a promissory note and a gift as part of the Medicaid planning. It creates a penalty period, yet at the same time, it works with repayment of a note loan. You save about half the cost you would otherwise incur.

What Happens If I Do Not Have A Proper Medicaid Plan?

This utimately depends on several factors. For example, if you do not get sick and just pass away in your sleep, nothing happens. If you require nursing home care, you may very likely lose all of your assets. Authorities will take everything except for about $16,000. There are some exemptions to this like your primary residence, but it is very complicated. They can lien properties if necessary.

Medicaid planning in New York is critical. Do not forego it at all.

With the guidance of a skilled attorney for Medicaid Law Cases, you can have the peace of mind that comes with knowing that we’ll make it look easy. For more information on Medicaid Planning in New York, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (516) 888-5381 today.