Individuals and couples in New York State who find themselves in need of long-term care can be faced with the loss of a significant amount of assets before they are eligible for benefits under Medicaid.
At Angiuli & Gentile, LLP, we can help explore a variety of Medicaid planning options for our clients, depending on each person’s unique circumstances. Whether you are planning years in advance or responding to an emergency need for long-term care, we can help you maximize your assets while preserving your eligibility for benefits.
Funeral Trusts: A Logical Medicaid Planning Tool
Utilizing funeral trusts is an intelligent choice for many people who are planning their estates. Prepaying for one’s interment can lock in future costs at today’s rates and can eliminate stress on your loved ones with regard to making funeral arrangements when you pass on. Additionally, an irrevocable funeral trust allows you to prepay your funeral and related expenses without having the expenditure considered an ineligible transfer by Medicaid. This can assist in bringing assets below the allowable Medicaid limit. And if additional assets need to be transferred from an applicant’s name, funeral expenses for a spouse, an applicant’s children, and even for their spouses, can be prepaid in an irrevocable funeral trust without penalty.
Funeral Trusts Save Money Now And In The Long Run
When you purchase a funeral trust, you are locking in the prices associated with your funeral and saving your family from having to spend additional money for your arrangements in the future. In fact, funeral trusts can earn you money, as they are required to pay interest to the owner, often as high as 3 to 4 percent per year.
Establish A Funeral Trust With A Staten Island Lawyer
From funeral trusts and pooled income trusts to community spouse planning, we can help you with all of your Medicaid planning and elder law needs. Contact us today to arrange a consultation with our dedicated attorneys.