What is Medicaid Planning?
Medicaid planning involves the development of a plan to protect your assets should you require long-term care. Medicaid laws, when applied to your unique situation, may allow you to protect your assets while you qualify for Medicaid. At Vernon & Associates, P.C., our elder care attorneys can help you create a Medicaid plan to ensure that your assets are protected through a Medicaid Asset Protection Trust or Pooled Income Trust, whatever fits your unique situation best. Contact us today at our Jamaica law firm to schedule a consultation and learn more about Medicaid planning for your future.
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Applying For Medicaid
The elder care attorneys at Vernon & Associates, P.C. can assist you with Medicaid planning, starting with your application. Our experienced team takes special care in helping you preserve your assets while making sure you qualify for Medicaid. We offer Medicaid packages that combine our Medicaid services so that you can get the support you need to prepare and submit your application as well as create your Medicaid Asset Protection Trust or Pooled Income Trust for an affordable cost. Keep reading to learn more about these two options and contact our law firm in Jamaica today to schedule your consultation.
Medicaid Asset Protection Trust
When your assets are placed in a Medicaid Asset Protection Trust, they are not counted as a resource for eligibility purposes. If long-term care is needed, this type of trust allows you to qualify for long-term care benefits from Medicaid while protecting your assets from being depleted.
As long as your trust is created and assets are transferred at least five years before applying for long-term care benefits through Medicaid, you will not be penalized and the existence of the trust will not impact your eligibility.
Pooled Income Trust
A Pooled Income Trust is a type of special needs trust that is operated by a non-profit organization for your benefit if you have disabilities or you are over 65 years old. This trust allows these people to keep income that would otherwise have to be turned over to their long-term care facility.
Our elder care attorneys at Vernon & Associates, P.C. can help you better understand your options. Contact us today to learn more.
Start Your Medicaid Planning Today
It’s never too early to start planning for your future and making sure that your assets and income are protected in the event that you need long-term care. Contact our elder care attorneys at Vernon & Associates, P.C. today to learn more.