Westchester & Putnam County Asset Protection Lawyer
With smart asset protection strategies, you’ll be prepared for whatever life holds, while preserving your wealth for future generations.
Asset protection is a vital part of estate planning. Everyone needs to be prepared if they eventually need nursing home care; otherwise a lifetime’s worth of assets may go toward covering nursing home costs rather than passing to loved ones. Our Westchester & Putnam County asset protection lawyers work diligently to assist clients in advance planning for future health care needs while protecting their assets.
It’s simpler and more effective to implement an asset protection plan while you’re in good health than to wait until you’re in an urgent situation.
The key to an effective asset protection strategy involves working with an attorney and planning for long-term care before the need arises. Most people can obtain Medicaid benefits to pay for nursing home costs, but the Medicaid office will look at an applicant’s finances for the last five years to determine eligibility. Our lawyers have a thorough understanding of the asset protection strategies available to individuals and couples, as well as the practical experience of thoroughly reviewing a client’s income and assets, and any gifts, transfers, or transactions made during the five-year lookback period prior to applying for Medicaid. This will help avoid any penalty periods or unpaid nursing home bills, which could have a dramatic effect on an asset protection strategy.
When you start early, you can develop a plan that organizes your assets and finances in way that ensures Medicaid eligibility if you reach the point that you need nursing home care. You may still qualify for a nursing home insurance policy, or you may use strategies like gifting and irrevocable trusts to remove assets from your estate, so the Medicaid program doesn’t count them as wealth when it calculates your eligibility. We can help you set up the appropriate trusts for effective asset protection.
You can plan for Medicaid without sacrificing your ability to also protect assets and provide a legacy for those you leave behind.
The right asset protection plan can help you protect a sizable portion of your estate from nursing home costs. Plus, these techniques and tools can help you avoid the type of emergency Medicaid situation that could force you to make hasty decisions that deplete your assets. For more information about asset protection, please contact our offices in Pleasantville or Mahopac to schedule a consultation with an experienced Westchester & Putnam County asset protection lawyer.