Question

How can I protect my assets from the cost of Long Term Care in New York?

Anthony J. Enea - Elder Law - Super Lawyers

Answered by: Anthony J. Enea

Enea, Scanlan & Sirignano, LLP
White Plains, NY
Phone: 914-948-1500
Fax: 914-948-9316

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Answer

Many clients are concerned about how they can protect their assets, in the event that they need home care or care in a Nursing Home setting.  As nursing homes and home health aides can be very expensive, it is important that a client consider the options available to them.  One of the planning options available in order to preserve one’s home, stocks, cash, etc. is to transfer said assets to an Irrevocable Medicaid Asset Protection Trust.  The transfer of any assets to the Irrevocable Medicaid Asset Protection Trust creates an ineligibility period of five years (60 months) for nursing home Medicaid in New York.  However, after the five years has passed, the property is not considered an available resource for Medicaid purposes and is protected from the cost of long term care if one was to begin receiving Medicaid benefits. It is recommended that someone looking to protect their assets speak to an attorney practicing Elder Law in their State.

Disclaimer: The answer is intended to be for informational purposes only. It should not be relied on as legal advice, nor construed as a form of attorney-client relationship.

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