Kingston Asset Protection Lawyers
All people, no matter how much money they have, can benefit from long-term care planning and asset protection. For example, our Kingston asset protection lawyers have helped many clients qualify for Medicaid benefits by legally restructuring their finances. Read on for more information about Medicaid, long-term care planning, and asset protection.
Qualifying for Medicaid to Cover Long-Term Care
Many people wrongly assume they have no other option but to use their savings to cover the costs of essential long-term care. Oftentimes, they can’t afford to buy long-term care insurance, and they’ve been told only the very poor can receive Medicaid benefits. However, you do not have to be destitute to qualify for Medicaid; you may simply need to restructure your finances. Here are some of the ways you can use asset protection planning to protect your savings:
- Create an irrevocable trust for your home or real estate
- Set up a testamentary trust for the benefit of a surviving spouse
- Create a special needs trust for the benefit of a disabled child or dependent
- “Spend down” on future expenses, such as funeral costs and home repairs, to protect your savings
- Purchase immediate annuities
These asset protection strategies and others can be utilized to qualify for Medicaid benefits and cover the costs of long-term care. However, Medicaid imposes strict time limits on how soon an applicant may be eligible for Medicaid after restructuring his or her finances. This means the sooner you develop and implement an asset protection plan, the sooner you may qualify for Medicaid benefits.
Contact Us for Help with Long-Term Care Planning & Asset Protection
If you or a loved one needs help with Medicaid, long-term care planning, or asset protection, please contact Rusk, Wadlin, Heppner & Martuscello, LLP to schedule a consultation. We are here to protect your rights and interests in almost all legal matters.