Business Succession Planning and Asset Protection

Long Island, New York Asset Protection and Business Succession Planning Law Firm

New York Medicaid Planning and Applications

Many New Yorkers fear that they may one day lose the ability to live independently and care for themselves. When this occurs, the choices for most people are nursing home care, assisted living or home care. Custodial care is costly. Depending on location and level of care, nursing homes cost between $100,000 and $250,000 a year. Assisted living facilities customarily charge a monthly rate for room and board but add additional charges depending on the level of care required. Even home care can cost in excess of $10,000.00 a month if one requires care 24 hours a day, seven days a week. Most people believe that Medicare will pay for long-term care but that is not the case.

All of these options can be paid, for a qualifying individual, through the Medicaid system. Medicaid eligibility is complex but careful planning, whether in response to a “crisis,” an accident, illness or other incapacitating event, or in advance of the need for long-term care, can help protect your estate. This is called Medicaid Planning – planning ahead to accelerate qualification for Medicaid benefits when the need arises.

Medicaid Planning must be tailored to meet the individual’s needs. Every case is different. Some people own homes or have significant savings, either in the bank or in an investment portfolio. Others have interests in businesses or real estate. Some have substantial income and others survive on Social Security. Some Medicaid applicants, or prospective applicants, are single and others are married. Some enjoy the support of family members and other do not.

Berwitz & DiTata LLP offers Medicaid Planning to help clients structure their financial resources, create trusts, manage asset transfers, convert countable assets into exempt assets and protect the family home from potential Medicaid recovery. If there is a healthy spouse, we seek to ensure that he or she has adequate income and resources to continue living independently during and after the time when their partner is receiving care.

Our experienced attorneys stand ready to consult with you and your family to develop a plan that will meet your individual needs. Our proven strategies of asset protection will maximize Medicaid eligibility. We will prepare, submit and present the Medicaid application and can represent you in hearings before your local Medicaid agency.

Let us know how our attorneys can help you.
Call Us Now Berwitz & DiTata LLP at 516-747-3200