Westchester County Asset Protection Lawyer
Top-Rated Asset Protection Lawyers Serving Communities in Westchester County, New York
The cost of assisted care in the United States is almost unfathomably high. In 2016, the average cost of a private room in a nursing home was nearly $93,000 per year. In Westchester County, NY, the cost is even higher than that. Fees can easily exceed $14,000 per month. To protect your assets from long-term care costs, it is imperative that you plan ahead and use the best asset protection strategies.
At Meyer & Spencer, PC, our Westchester County asset protection lawyers have the skills and experience required to help our clients protect their finances from future health care costs. Proper asset protection planning starts early. To get immediate legal guidance, please do not hesitate to contact our Pleasantville law office for a confidential consultation.
Understanding Medicaid and Asset Protection In Westchester County
- Medicare Will Not Cover Nursing Home Costs
Medicare provides important financial protections for senior citizens who need health services. However, the program offers very little coverage for assisted living services. Medicare will only pay for a nursing home temporarily and in limited circumstances. Instead, the program that offers long-term care benefits is Medicaid. This is an incredibly important distinction because Medicaid has strict eligibility requirements.
- Medicaid Has a 60 Month Lookback Period
Why is proactive asset protection planning so important? Because Medicaid’s long-term care insurance program has a 60-month lookback period. If you apply for Medicaid coverage to help pay for a nursing home or an assisted living center, program officials will take a look at your finances for your last five years. If you simply transferred your assets away for sub-market value, your application may be denied. The earlier you take action and begin planning for asset protection, the more options and flexibility that you will have.
- It is Never Too Late to Get Started
While advanced asset protection planning is ideal, it is never too late to get help from an experienced Westchester County estate planning lawyer. Even if you or your loved one is involved in a crisis situation and needs assisted living care immediately, there are likely still some financial options and strategies that are available to you. At this time, it is imperative that you reach out to a top-rated Pleasantville, NY asset protection lawyer as soon as possible. Your lawyer will be able to conduct a comprehensive review of the financial situation of you or your loved one in order to determine what options are best for your individual case.
Get Help From Our Westchester County, NY Asset Protection Lawyers Today
At Meyer & Spencer, PC, our New York elder law attorneys are prepared to work diligently to protect your assets. We always offer careful, fully personalized legal services. For immediate help from our estate planning lawyers, please contact our law office at 914-741-2288. With an office in Pleasantville, we represent clients throughout Westchester County, including in Yonkers, New Rochelle, Mount Vernon, White Plains, and Rye.