What Happens to Your Assets If You Go Into a Nursing Home? - Seth Schlessel

BSPE Legal Marketing Podcast

From Schlessel Law PLLC - In the podcast episode based on the article What Happens to Your Assets If You Go Into a Nursing Home?, we discuss the financial impact of nursing home care in Long Island and New York. With annual costs potentially exceeding $176,000 for a private room, these expenses can quickly deplete savings and assets. Medicaid provides essential support for eligible individuals, covering significant portions of these costs. However, navigating Medicaid’s income and asset limits requires careful planning to preserve financial stability.
The episode explores how Long Island Medicaid planning attorneys at Schlessel Law PLLC can assist with asset structuring and Medicaid Asset Protection Trusts (MAPTs). These tools help individuals meet Medicaid eligibility requirements while safeguarding their wealth for future generations. We also delve into the Medicaid Look-Back Period, which scrutinizes asset transfers made within five years of applying, and the importance of legal compliance in avoiding penalties.
Listeners will gain insight into exempt assets, such as primary residences, vehicles, and irrevocable trusts, which play a key role in Medicaid eligibility. Additionally, we highlight strategies like annuities and gifting to protect assets while ensuring compliance with New York Medicaid regulations. The discussion includes the Medicaid Estate Recovery Program and how it may impact a person's estate after their passing, as well as steps to minimize recovery efforts.
This episode underscores the importance of proactive planning to manage nursing home costs while maintaining Medicaid eligibility. Schlessel Law PLLC is committed to helping families prepare for long-term care needs. Tune in to learn more about how thoughtful Medicaid planning can protect your assets and secure your family’s financial future.
Schlessel Law PLLC
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