Elder Law

Because Medicaid has an asset limit, it might be necessary for some prospective applicants to spend down or create a planning strategy in order to meet this threshold. The Medicaid Asset Protection Trust (MAPT) essentially protects an applicant’s assets from being counted towards their eligibility limit, thereby allowing the applicant to be accepted into the program. However, it is important to remember that MAPTs cannot be created immediately before applying to Medicaid as a Look Back Penalty Period may be enforced.

Medicaid applicants are subject to what is called a “look-back period” in which Medicaid reviews whether any gift or asset transfers were made by the applicant in the five years prior to applying to the program. If this is the case, they will become ineligible for Medicaid for a period of time. This timeframe is called the Look Back Penalty Period which is calculated by dividing the total gift or transfer amount by the average monthly cost of a nursing home in New York City. For example, if an applicant made a gift worth $180,000 and the average monthly cost of a nursing home is $12,000, they would be deemed ineligible for Medicaid for 15 months.

Although Medicaid is a federal program, the application process can vary as each state operates the program differently. In New York, persons over 65 years of age can apply through New York City’s Human Resources Administration (HRA). Applicants may be required to submit certain documents such as proof of residency, identification, and proof of income. Application assistance is available through HRA’s Medical Assistance Program Offices.

A qualified elder law attorney covers a variety of legal matters that are unique to senior citizens. One critical issue an elder law attorney can assist with is long-term care planning. An elder law attorney can help clients navigate the myriad of options available for financing long-term care. Another important issue handled by elder law attorneys is creating a living will which lays out a person’s wishes for their health care should they become incapacitated. Similarly, an elder law attorney can also draft a durable financial power of attorney which would designate a person to manage a client’s financial affairs should they become unable to do so in life.

Within long-term care, there are different options available for a person’s future care needs. These can include in-home support services, assisted living, and nursing homes. Each of these needs to be financed, and a competent elder law attorney can provide different measures to do so. Long-term care insurance policies, enrolling in Medicaid, and limited long-term care benefits under Medicare are just some of the primary options available for covering long-term care expenses. Your elder care attorney can help you determine which option is right for you.

There are several financial strategies that can be put into place in order to protect a person’s assets while allowing them to maintain a reasonable standard of living. When it comes to making a gift and applying for Medicaid, seniors must be careful to make a gift at least five years before applying to Medicaid, otherwise they may be deemed ineligible for a period of time.

Developing a good elder care plan takes time, and just as no two individuals are alike―no two plans are alike either. However, there are a few key elements that should be present in any successful elder care plan. Two of these elements are health and long-term care. Preparation should be made well in advance for whether an individual’s health care will be provided at home or in a long-term care facility. The management of a person’s financial affairs should also be covered in a good elder care plan. This can include an estate plan, trusts, durable power of attorney, and other important documents. A qualified elder law attorney can assist with these and other aspects of a well developed elder care plan based on a client’s individual needs and wishes.

There are many issues to consider when it comes to elder care planning. As such, it is never too early to start planning for the future, and it is never too early to learn about what options are available. Indeed, many important points within a plan can prove to be much more beneficial if you start early. For example, acquiring a long-term care insurance policy when you’re younger and can lock in your good health can lead to reduced costs.

Elder law attorneys assist with a wide range of issues that affect the aging population. As such, you can expect to cover a number of topics when you first meet with your elder law attorney. The best way to prepare for this is to bring along some of the following legal and financial documents: recent bank statements, retirement and investment accounts, property tax statements, outstanding debt statements, income, and vehicle documentation. Your attorney may notify you beforehand as to what specific documents will be most useful for your consultation.