Category Archives: Asset Protection
Older adults in Westchester County should be prepared for the possibility of needing costly long-term care in a nursing home or assisted-living facility in the state of New York. Like other states across the country, New York has a “lookback period” for purposes of Medicaid, which is the period prior to applying for Medicaid… Read More »
Should I Plan Differently for the Costs of Care in a Nursing Home Versus an Assisted-Living Facility?
You might be wondering if your long-term care planning should look significantly different for nursing home care as compared to assisted living or in-home care. Ultimately, when you are doing long-term care planning, it is important to plan for any conceivable scenario and to recognize that costs are high no matter what type of… Read More »
If you are thinking about planning ahead for long-term care and asset protection, it is important to understand how long-term care insurance works, the reasons people pay for it as a means of asset protection in the future, the costs of long-term care insurance, and the different types of plans that may be available… Read More »
If you are anticipating that you will need to take advantage of Medicaid’s long-term care insurance program, or if you have an elderly parent or loved one who will soon need long-term care, it is more important than ever to think about asset protection and to learn more about how the Medicaid lookback period… Read More »
New York’s Medicaid program has strict eligibility requirements. An applicant’s income and overall “resource level” must remain below a certain threshold. But with proper asset protection planning, it is possible for individuals whose resources exceed the threshold to obtain or retain their Medicaid eligibility. One question we often get is, “Can I protect my… Read More »
When you apply for institutional Medicaid benefits in New York, Medicaid will look at your income and assets for the last 60 months (5 years). You might have heard that it’s just 3 years, but that changed years ago. It is currently 5 years. Medicaid looks to any uncompensated transfers during that period of… Read More »