In New York State, the asset limit for a single individual who wishes to apply for Medicaid benefits, is currently $14,550. This places individuals and families in a very tough position. That amount of money will not even cover one month of care at most nursing homes in New York City. When a loved one suddenly becomes ill and requires admission into a nursing home for long-term care, many families resort to selling investments, cashing in bank accounts, selling homes and otherwise “spending down” assets to deal with the emergency at hand.
At Angiuli & Gentile, LLP in Staten Island, we have an important message for you to consider: You do not have to choose between the care you deserve and preserving the assets you have worked so hard for. With careful planning, you may qualify for Medicaid while protecting assets for your spouse and your heirs.
Our lawyers have extensive experience handling these issues for individuals and families in Staten Island. To learn more about some of the issues we handle as part of our Medicaid planning practice, see:
Protecting Your Hard-Earned Assets
At Angiuli & Gentile, LLP, we believe that hard work and savings should be acknowledged, not penalized. We are committed to doing all that we can to assist our clients in maximizing the benefits that they are entitled to when it comes to long-term care.
One of the most important tools for protecting a family’s assets is a DRA Compliant Promissory Note. Using the example of a person with $500,000 in assets, use of this tool could potentially preserve approximately half of these assets even if advanced planning did not take place. Additional steps, particularly those taken prior to a person needing long-term care, can save even more of an individual’s or couple’s hard-earned assets.
Creative Solutions That Encompass Your Family’s Needs
When you visit Angiuli & Gentile, LLP for your consultation, we will assess your situation and tailor a strategy for protecting your assets and facilitating Medicaid eligibility if it is needed – now or in the future. And since protecting an individual’s assets for long-term care purposes is one step in the Estate Planning direction, we will also make sure that spouses are protected by pursuing creative means of community spouse planning.