Your Medicaid & Asset Protection Team of Central NY
DeFio Law Firm
Medicaid Asset Protection Planning
“The reason they call it the golden years is that it takes all your gold” – unknown
It is no secret today that nursing home costs are not only astronomical, but that with advances in medicine people are living longer, but with more help than ever before. As a result, many of us throughout Syracuse and Baldwinsville, NY, may have to spend some time in a nursing home.
While Medicare may pay for some of the initial costs of such a stay, the coverage is limited based on the circumstances and at best will typically only cover a portion of the first 100 days of rehabilitation. This often places the family in a difficult position if the person needing care is not ready to leave the nursing home setting. At that point, if no planning has been done, the options are much more limited.
At the DeFio Law Firm, we work with our clients to try to get ahead of and therefore avoid such a crisis, to set up a plan which works for their assets and their needs. By legally restructuring your finances through Asset Protection Planning, DeFio Law Firm can help you to qualify for Medicaid while protecting your assets. Sometimes it is placing the family home or a camp property into a protection Trust. Other times it is setting up a gifting plan. Regardless of the right plan for you, we can guide you through the rules as they apply to your specific needs and family situation. We believe strongly that when it comes to preserving assets from the costs of long term care, “failing to plan is planning to fail”.
The number one question we get is “when is the right time time to do Medicaid Planning?” The answer is always the same – before you need it. That said, we encourage you to set up a FREE NO OBLIGATION initial consultation to get the facts about medicaid planning from an attorney who has the experience to answer your questions.