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Medicaid Asset Protection

Asset Protection Planning, in the context below, deals with the concerns of long term care. We are not discussing millionaires who are using off-shore accounts on some exotic island. If you own a home or have any other assets with equity then you need to speak with an attorney to protect those assets for your heirs. If you need Home Care or Nursing Home Care and wish to apply for Medicaid Benefits, with proper legal advice, you will not be forced to spend down your income and your assets until you have practically nothing left.

Obtain legal advice from a New York Elder Law attorney at Castiglia-Rubinstein & Associates to understand your options, and ask for a comprehensive Medicaid plan for you, to conserve your income and your savings call us today. Our attorneys are not only trained in handling simple estate matters, we take care of complex medicaid planning and estate litigation in the event of the need for Medicaid Planning in Nassau County, Suffolk County, Queens County, Bronx, Westchester, Richmond County, Manhattan and Brooklyn Kings County New York.

In long term care asset protection planning, we are answering three questions of how we are going to pay for our care:
  • Pay the costs out of your own pocket (decreasing the size of the estate your children will inherit)
  • Pay for long term care through long term care insurance (if you are insurable and it is affordable)
  • Apply for and qualify for government benefits such as Medicaid and Veterans Benefits; after the proper planning with an estate planning attorney.
Trust vs WillsRemoval of a Trustee * Guardianship * Probate * Beneficiary Rights
Medicaid Asset Protection * Probate Litigation * Estate Litigation * Living Trusts
In Home Care * Supplemental Needs Trusts  * Fraudulent Transfers
When is Asset Protection Planning Considered?

One timeframe is often referred to as a “crisis”, when asset protection must be implemented as quickly as possible according to strict guidelines, unique rules, and limited options. Since most people fail to properly plan ahead this is most frequently seen in Medicaid crisis planning or VA Benefits planning where a comprehensive asset protection plan is discussed, customized and implemented so that eligibility can be obtained in a matter of a few weeks with the assistance of the Law Office of Castiglia-Rubinstein & Associates.

Using Irrevocable Trusts

Irrevocable trusts can be flexible enough to cover a plethora of circumstances. These trusts can be written to accomplish a wide variety of objectives and purposes. Such objectives and purposes range from asset protection to estate tax shelters to protection of government assistance benefits for an ill spouse or a person with disabilities.

Who Should Consider an Irrevocable Trust?

There is no “black-and-white” answer to this question. But, here are a few general guidelines.

What are the Steps for Establishing the Irrevocable Trust?

Your irrevocable trust should be created as a result of a customized plan suited to your personal objectives and not a “one size fits all” form. Since the irrevocable trust must accomplish your objectives, we need to know for what purpose or purposes we are planning.

Medicaid Asset Protection

What are the benefits to planning ahead with irrevocable trusts for Medicaid eligibility? There are several. First, you are achieving a future that has certainty. You have a definite time line, beyond which you have a definite answer, meaning Medicaid eligibility.

Veterans Benefits Asset Protection

What are the benefits to planning ahead with irrevocable trusts for Veterans Benefits eligibility? Many of the same benefits as in Medicaid planning. However, the most prominent benefit to using an irrevocable trust to hold assets to achieve Veterans Benefits eligibility is control.

Frequently-Asked Questions about
Protecting Your Assets from the Nursing Home

Question 1: How much do nursing homes cost?
Question 2: Will Medicare pay for my nursing home costs?
Question 3: What government program will pay for my nursing home costs?
Question 4: How can I avoid being impoverished by the high cost of nursing home care?
Question 5: If my spouse is going into a nursing home, can he or she transfer all of his or her assets to me and qualify for Medicaid?
Question 6: How much income can I make and qualify for Medicaid?
Question 7: Can I transfer my assets to my children just before I go into a nursing home and still qualify for Medicaid?
Question 8: If I am in the nursing home, is it too late to give away my assets and qualify for Medicaid?
Question 9: Should I use a trust to protect my assets?
Question 10: Are there other ways to protect my assets?
Question 11: How can I protect my house?
Question 12: Isn’t it wrong to hide assets in order to qualify for Medicaid?
Question 13: Can I rely on what you have written here about Medicaid law?
Question 14: Should I hire an attorney to help me?
Question 15: How do I find an attorney to help me?
Medicaid Planning Services

What you should do?
We believe the best solution is to bring together the family members, legal documents and financial information and analyze it in light of current Medicaid laws. Our Medicaid planning attorneys will then build a financial plan to maximize asset preservation in coordination with a long term care plan.

Get Help With Your Medicaid Estate Plan Now

1-800-960-1529 Call Today

You should be prepared if a loved is in need of in home care, going into a nursing home or already resides in a nursing home. You should know you have certain legal rights and must be very selective of the Lawyer or Law Firm that you chose to represent you. Have an Attorney council you on the Right Decision for You.

Trust vs WillsRemoval of a Trustee * Guardianship * Probate * Beneficiary Rights
Medicaid Asset Protection * Probate Litigation * Estate Litigation * Living Trusts
In Home Care * Supplemental Needs Trusts  * Fraudulent Transfers

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