Be Prepared For The Future With Medicaid Planning

At some point in your life, you or your spouse may be admitted to a nursing home. This care comes at a significant cost. Without careful planning, the assets you have spent a lifetime acquiring may be exhausted paying for your nursing home stay.

At McCurrie McCurrie & McCurrie, L.L.C., we know that you want to protect your assets while at the same time making sure that you and your spouse receive the care you need. Our attorneys can review your assets and your estate plan to let you know what you can do now to meet your goals.

Medicaid Planning May Solve Your Concerns

While Medicare insurance does not cover nursing home expenses, Medicaid does. The problem with Medicaid is that to receive this level of insurance you can only have so many assets in your name. This insurance is for individuals who lack the funds to pay for long-term care services.

If you have enough assets that disqualify you from obtaining Medicaid, it does not mean that you will have to use your own funds to pay your nursing home expenses. By transferring your assets to another party or into a trust, you may become Medicaid eligible. This is not something you can do at the last minute - or even several months prior to admission. Any transfer of assets must be completed no less than five years before your nursing home admission. You can also provide yourself or your loved one assets in a special needs trust without making them ineligible for Medicaid.

Our lawyers have more than 50 years of experience assisting the residents of Kearny and Hudson County with all sorts of estate planning matters - Medicaid planning being one of them. We understand that preparing for a possible nursing home stay should not be the focus of your entire estate plan, but it is something for which you should be ready.

Contact Our Firm For More Information

If you have questions or concerns about Medicaid planning, one of our attorneys at McCurrie McCurrie & McCurrie, L.L.C., may be able to offer answers and guidance. Please feel free to call us at 201-467-4180 or fill out our contact form.