Medicaid Planning in New York: Why You Need to Prepare Now

What Is Medicaid Planning & Why Is It Necessary?

Medicaid planning is the process of legally protecting your assets and income while ensuring eligibility for long-term care coverage. Many people believe that Medicaid is only for low-income individuals, but without proper planning, you could be forced to spend down your assets before qualifying.

📌 Key Benefits of Medicaid Planning:
✔ Protects your home and savings from being drained by nursing home costs.
✔ Ensures Medicaid eligibility without unnecessary financial sacrifices.
✔ Helps avoid probate by transferring assets strategically.
✔ Provides peace of mind for yourself and your loved ones.

👉 Did you know? The average cost of a nursing home in New York exceeds $150,000 per year. Without a Medicaid plan, families often have to sell assets or drain savings to cover the costs.

🔹 Further Reading: New York Medicaid Eligibility Requirements

Key Medicaid Planning Strategies in New York

1️⃣ Creating a Medicaid Asset Protection Trust (MAPT)

A Medicaid Asset Protection Trust (MAPT) allows you to transfer assets out of your name while maintaining some control. After five years, these assets are protected from Medicaid’s look-back period.

✔ Benefit: Protects your home and savings while ensuring Medicaid eligibility.
✔ Downside: You must plan ahead—this strategy requires early action!

👉 Further Reading: How Our Office Handles Estate Planning

2️⃣ Using Life Estate Deeds to Protect Your Home

A Life Estate Deed allows you to retain the right to live in your home while ensuring that ownership transfers automatically upon your passing.

✔ Benefit: Keeps your home safe from Medicaid recovery claims.
✔ Bonus: Avoids probate!

🔹 Further Reading: New York State Bar Association – Life Estate Deeds

3️⃣ Gifting Strategies & Asset Transfers

Many people think they can gift their assets to family members to qualify for Medicaid. However, Medicaid has a five-year look-back period—transferring assets without a proper strategy could delay your eligibility.

✔ Best Practice: Work with an experienced Medicaid planning attorney to ensure all transfers comply with Medicaid rules.

4️⃣ Income Trusts for Medicaid Eligibility (Pooled or Miller Trusts)

For those over Medicaid’s income limit, a Pooled Income Trust (also called a Miller Trust) allows excess income to be deposited into a trust so you can still qualify for Medicaid.

✔ Who Needs This? Seniors with a pension or Social Security income above Medicaid limits.
✔ Why It’s Important: Prevents you from having to pay out-of-pocket for care.

Why You Need a Medicaid Planning Attorney in Brooklyn

Medicaid rules are complex and constantly changing. A single mistake—such as miscalculating the look-back period or improper transfers—could result in Medicaid denial and financial hardship.

🔹 Why Choose Our Office?
✅ Flat Fees & Competitive Rates – We offer clear pricing for Medicaid planning.
✅ Hyperlocal Knowledge – Based in Bensonhurst & Gravesend, we understand NY Medicaid laws and local court procedures.
✅ Full-Service Planning – We handle Medicaid applications, asset protection, and estate planning all in one office.
✅ Bilingual Legal Services – We offer Italian-to-English translation for families who need help navigating the process.

📞 Need Medicaid Planning Help? Contact us today for a consultation!

call: 347-692-0222 | email: 7622LAW@gmail.com