Bronx Attorney For Medicaid Planning And Elder Law
Nursing home care in New York costs well over $150,000 annually, and home care costs about $75,000 a year. If you have a parent or spouse who is likely to require nursing home care or what is called community in-home care, you know these costs can drain one’s life savings over a relatively short period of time.
Medicaid, a joint state and federal program, can cover many of these costs. Medicaid is a need-based program with strict eligibility requirements. Before the government will approve your application for benefits, you must show your assets and income are below a certain level. There are different qualifying criteria for each.
Everyone has heard of the famous five year look back period. This scares people because the need is usually immediate. Few people have the resources to wait five years. There are many strategies to get that person on Medicaid — all legal — without having to wait five years. Call us. You’ll see.
Put A Skilled Elder Law Attorney On Your Side
For years, people throughout New York City and the surrounding areas have put their trust in my law firm, Coyle & Associates LLP. I create effective strategies that can help you qualify for government benefits without spending down your assets — and it is all legal.
Generally speaking, the earlier someone starts planning for Medicaid eligibility, the more options they will have. Even if you know someone will need nursing home care or in-home care, let’s say tomorrow or yesterday, there are still strategies that can save you money. You do have options. Why do I emphasize this? Some clients walk in the door and think they have to hide assets. Well, no, you don’t, and if you are intent on doing this I cannot represent you. I take my oath as an attorney very seriously. But I sure do know how to do it legally and once I explain this to clients they much prefer legal over illegal. People like to sleep well at night.
Giving Your Property To Your Loved Ones Is Not Necessarily Effective Medicaid Planning
People feel that if they have joint accounts they are protected. Not so. They feel if they are married their assets are protected. Not so. This is a great area of Medicaid planning but not everyone is married so alternate solutions are necessary, including promissory note planning and purchasing of annuities. Other options are there for the taking.
Developing The Best Medicaid Planning And Elder Law Solution For You
As your lawyer, I will look carefully at your finances and create a strategy that is tailored to your needs. Depending on your unique financial strategy, I may create:
- Promissory notes
- Caregiving arrangements
- Life estates
However we proceed, I will work closely with you to help you understand your options while creating a plan that meets your needs.
Contact Coyle & Associates LLP Today
Call 800-371-5844 or complete our intake form to schedule your initial consultation. My Riverdale law firm is open from 8:30 a.m. to 5 p.m. weekdays and by appointment on weekends. I am in the Park Avenue office often so you can always make an appointment to suit your needs.