Planning for the future involves more than drafting a will or naming beneficiaries. Many families also need to plan for long-term care expenses that can quickly deplete a lifetime of savings. To protect your assets while maintaining your eligibility for essential health care benefits, it is important to work with an experienced Staten Island Medicaid trusts lawyer.
The trusts attorneys at The Law Offices of Louis P. Lepore understand the complexities of Medicaid rules and how they intersect with your broader estate planning goals. Our firm could help you structure a trust that meets strict Medicaid requirements, preserves assets for your loved ones, and gives you peace of mind.
A Medicaid trust is a specific type of irrevocable trust designed to protect your assets while allowing you to qualify for Medicaid benefits. When properly established, the trust legally separates your assets from your personal ownership, which means they are not counted toward Medicaid’s asset limits. Under New York Social Services Law § 366, Medicaid applicants must meet certain income caps and resource thresholds to qualify for coverage. A well-crafted Medicaid trust can help you meet those requirements without sacrificing your financial security.
Our lawyers could work with you to identify which assets should be transferred into a trust and when to make those transfers. Medicaid’s five-year lookback period makes the timing of each decision critical. By planning early, you can preserve eligibility for future care and safeguard property, savings, and other assets for your family. Working with our experienced Staten Island legal team ensures that your Medicaid trust complies with state and federal law and aligns with your estate goals.
Not all property qualifies for protection under a Medicaid trust. The type of assets you transfer to the trust will depend on your personal circumstances. Commonly, individuals choose to include:
When these assets are properly transferred into the trust, they no longer count toward Medicaid’s financial eligibility thresholds. However, the trust must be irrevocable, meaning you cannot make changes once it is established. Our attorneys could carefully structure your trust to ensure that income distributions, property transfers, and trustee responsibilities comply with the exact requirements of the state’s Medicaid law.
Our firm takes the time to explain how each decision impacts your long-term care options and estate plan. We could help you maintain access to the benefits you need while ensuring that your legacy remains intact.
Many individuals wait until a medical issue arises before thinking about Medicaid planning. Unfortunately, waiting too long can limit your options. Because of Medicaid’s five-year lookback period, any transfers made within five years of applying for benefits may result in penalties or disqualification. Establishing a trust early allows you to prepare for your future care while preserving your family’s financial security.
Working with a Medicaid trust lawyer in Staten Island gives you a proactive advantage. We could guide you through each stage of the process, from evaluating your assets to ensuring that your trust is properly funded.
The cost of long-term care in New York continues to rise, making early Medicaid planning an essential part of a comprehensive estate plan. A Staten Island Medicaid trusts lawyer from The Law Offices of Louis P. Lepore could provide clear, plain-language guidance to help you qualify for benefits while preserving what matters most to you.
Whether you are preparing for retirement or addressing immediate healthcare needs, our firm stands ready to assist. Contact our team today to schedule a consultation and begin protecting your assets with a personalized Medicaid trust plan.
(718) 354-8646