FEATURES & NEWS

Wills vs. Trusts in NYC: Choosing the Right Estate Plan for You
Estate Planning

Wills and Trusts NYC

Wills vs. Trusts in NYC: Choosing the Right Estate Plan for You Regarding estate planning in New York City, a fundamental decision arises: Will a

Read More »
Protecting yourself and your partner
Estate Planning

Protecting yourself and your partner

Protecting Yourself and Your Partner: A Comprehensive Guide to Estate Planning in New York At Morgan Legal Group, we understand the complexities involved in safeguarding

Read More »
The importance of a living will
Estate Planning

The importance of a Living Will

Why a Living Will Matters in NYC: Your 2025 Guide As we move further into 2025, advanced healthcare planning has become more critical than ever,

Read More »
Medicaid Trust NYC
Estate Planning

Medicaid Trust NYC

Medicaid Trusts in NYC: Safeguarding Your Assets from Long-Term Care Costs For residents of New York City, planning for long-term care is a critical component

Read More »
Probate Lawyer Cost
Probate

Probate Lawyer Cost

Understanding Probate Lawyer Costs in NYC: A Clear Guide When facing the daunting task of estate administration in New York City, one of the first

Read More »
Estate Planning in NYC
Estate Planning

Estate Planning in NYC

Estate Planning in NYC: A Comprehensive Guide For New York City residents, estate planning is not merely a suggestion but a necessity. Indeed, living in

Read More »
Living Trusts in NYC: Your Expert Guide
Estate Planning

Living Trusts in NYC

Living Trusts in NYC: Your Expert Guide For New York City residents, planning for the future and securing your legacy is critical. Estate planning, therefore,

Read More »
Digital Estate Planning in New York
Asset Protection

Digital Estate Planning NY

Securing Your Digital Legacy: Digital Estate Planning in New York In today’s increasingly digital world, our lives extend far beyond the physical realm. We conduct

Read More »
Medicaid Planning and Asset Protection
Asset Protection

Medicaid Planning and Asset Protection

Safeguarding Your Assets: A Comprehensive Guide to Medicaid Asset Protection Trusts in New York for 2025 Preparing for long-term care can be an overwhelming process

Read More »
Estate Planning Guide 2025
Estate Planning

Estate Planning Guide 2025

Estate Planning Guide 2025: A Comprehensive Resource for New York Residents As we approach 2025, the need for a solid and comprehensive estate plan becomes

Read More »

You Can Get Both Medicaid and a Strong Income

Many New Yorkers believe that qualifying for Medicaid requires sacrificing a strong income, but with strategic planning, you can achieve both. Morgan Legal Group specializes in helping clients navigate the complexities of Medicaid eligibility while maintaining their financial health.

Understanding Medicaid Eligibility in New York

Begin with an overview of Medicaid eligibility criteria in New York, focusing on income limits, asset rules, and the importance of planning ahead to ensure eligibility without compromising income.

The Impact of Income on Medicaid Eligibility

Discuss how income affects Medicaid eligibility and the common misconceptions about the need to “spend down” or drastically reduce income to qualify for benefits.

Legal Strategies for Income Preservation

Explore various legal strategies for maintaining a strong income while becoming eligible for Medicaid. These might include trusts, asset transfers, and other financial tools that comply with state law.

Using Trusts to Shield Assets

This is a detailed exploration of how different types of trusts (such as irrevocable trusts) can be used to protect assets and income while legally ensuring Medicaid eligibility.

Income Allocation Techniques

Discuss techniques for allocating income in a way that aligns with Medicaid’s requirements. This could include pension planning, annuities, and tailored investment strategies that consider Medicaid’s income caps.

Real-Life Case Studies

Include case studies from Morgan Legal Group’s practice demonstrating successful strategies for balancing high income with Medicaid eligibility. These stories can provide practical examples and inspire confidence.

Common Pitfalls in Medicaid Planning

Highlight common mistakes individuals make when trying to qualify for Medicaid, such as improperly transferring assets or misunderstanding the look-back period, and how to avoid these pitfalls.

Medicaid Planning for Couples

Address specific considerations and strategies for married couples, such as the division of assets and the use of spousal refusal, to ensure one partner’s eligibility does not adversely affect the other’s financial stability.

How Morgan Legal Group Can Help

Detail how Morgan Legal Group assists clients with Medicaid planning, focusing on personalized strategies that ensure both legal compliance and financial security. Emphasize the firm’s expertise in elder law and estate planning.

Conclusion: Securing Your Financial Future with Medicaid

Conclude with a summary of how effective Medicaid planning is essential for protecting your financial future while securing necessary healthcare services. Encourage readers to contact Morgan Legal Group for a consultation to discuss their specific needs.

The Medicaid allowance in New York is a measly $820 per month. Many senior citizens worked their whole lives to secure a more hefty income that would support them well through retirement. For these individuals, this is bad news. If you need healthcare through Medicaid and earn more than $820 per month, it can seem like you are out of options. However, there are ways to secure the healthcare services you need without compromising your income or lifestyle.

Paying the Extra

If you receive more than $820 per month and still need Medicaid, one option available to you is to pay the extra. For example, if a senior citizen named Rose receives $1220 per month, by paying the extra $400 and keeping $820 per month for herself, she can receive Medicaid. This can be a good solution if you don’t make much more than $820 monthly. However, if you do earn considerably more, this can require cutting back the lifestyle that you worked your whole life to ensure.

How to Keep Your Lifestyle

If you have a disability, you can join a pooled income trust. In this way, you give any extra money that you earn each month to a not-for-profit organization. The organization then uses this money to pay for your bills and living expenses. With the power of a pooled trust, you can get the healthcare that you need through Medicaid without paying through the nose for it.

Participating in a pooled income trust isn’t an easy task. It requires navigating all the most confounding complexities of elder law. If you’re interested in a pooled income trust, or want to figure out what the best healthcare option is for you, you need an experienced and knowledgeable lawyer to guide your way. That’s why you should get in touch with the team at Morgan Legal Group. We offer the elder law services that you need to make the most of your hard-earned money. Contact us today and find out how we can help you secure Medicaid.

Most Popular: