Are you or your loved ones benefiting from Medicaid? Maybe you’ve found it more helpful than paying for nursing home or home health aide costs in New York, and that’s why you believe your family home is safe. Most people only look at the positive effects of Medicaid as they continue to receive its benefits without considering the long-term consequences. The Rockland Times points you to a sound legal practitioner who will help you understand all aspects of Medicaid to avoid being on the wrong side. If you’re new to this and looking for consultations, these lawyers are your next step.
Maybe you were not aware of the consequences this federal program can bring when you begin to utilize its offerings, especially in New York. The Medicaid estate recovery program is something worth knowing about. You don’t want to have your family shortchanged when the state begins to seek repayment from your property for the benefits paid on your behalf while you were alive. Your beneficiaries may be forced to pay the value or even sell the property before they can inherit anything. But with these lawyers by your side, they ensure that things don’t get to that point.
You can protect your home and other assets with advance planning. One common method is transferring your property into an asset protection or Medicaid trust during your lifetime, ideally at least five years before applying for Medicaid. By moving ownership into a properly drafted trust, your home is no longer counted as your asset for Medicaid eligibility and will not be subject to estate recovery after your death. In New York, where the state can only go after probate assets, avoiding probate is key to avoiding recovery.
Even if you missed the five-year window, there are still exceptions and deferrals. Medicaid cannot collect while a spouse is still living, if a blind or disabled child lives in the home, or in certain cases involving minor children or siblings. You may also request an “undue hardship” waiver if the property is a family farm or business or the only source of income for the heirs. Knowing these rules and acting fast can make the difference between losing a home and keeping it for your loved ones. At the end, you’ll realize that having that guidance was really worth it.
Your family is completely different. The fact that Medicaid programs may benefit more families in the long run doesn’t mean the same for you. That’s why you need to speak with these knowledgeable experts before making any decisions. They can give you a blueprint that strikes the right plan — and that kind of plan can secure your home, protect your loved ones from financial stress, and give you peace of mind. If you feel that your case needs special attention, then don’t hesitate to reach out and seek consultation about protecting your family home before it’s too late.
Roman Aminov Estate Law Firm Of Queens
147-17 Union Tpke, Queens, NY 11367, United States
P59P+93 Queens, New York, USA
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