Experienced New York Attorney Assists with Asset Protection and Medicaid Planning
Helping to ensure eligibility for long-term in-home and nursing home care
The rising cost of healthcare makes it imperative to plan for the infirmities of old age. Medicare only goes so far, and many seniors outlive their nursing home benefits and find that they have too great an income to qualify for Medicaid. Then the cost of care drains away assets, to the detriment of their spouse and heirs, until they are poor enough to qualify for Medicaid. At the Cormac McEnery Law Firm, we are determined to help seniors avoid such a fate. We help you implement asset protection strategies that allow you to receive the care you need, while holding onto your home and other important assets. For more than 35 years, elder law attorney Cormac McEnery has worked closely with individual clients to ensure they know their options and make the best choices for their circumstances.
Asset protection options for New York seniors
An experienced estate planning attorney can help protect your assets in a number of ways. The greatest threat to the wealth of elder New Yorkers comes from healthcare costs, taxation and liability. We address these issues in several ways:
- Long-term care insurance— Seniors should take out a long-term care policy to cover a prolonged illness that might exhaust Medicare benefits. These policies pay for care in your home, so you don’t have to go to a nursing facility unless it’s absolutely necessary.
- Medicaid planning— Placing assets in a Medicaid Asset Protection Trust (MAPT) allows you to receive an income and enjoy the use of your property without that wealth being counted against you for the purposes of Medicaid eligibility. But it is important to time the transfer correctly, since Medicaid “looks back” five years to discover assets. A MAPT is especially important for any senior who cannot qualify for long-term care insurance.
- Life insurance — For some clients, life insurance policies are superior to wills for leaving bequests, because the benefits are not taxable as income.
- Liability insurance — We conduct policy reviews to determine if you are adequately protected from liability for professional negligence, automobile accidents and injuries on your property.
- Tax planning— Although the ceilings for state and federal estate taxes are high, many New Yorkers, especially those who own real estate, are vulnerable. We help structure your assets to reduce your exposure.
- Trusts — Placing your property in one or more trusts can shield those assets from personal liability and save you and your beneficiaries unnecessary expenses at the time of transfer.
Mr. McEnery is knowledgeable and works closely with you to ensure you have the right combination of legal safeguards to give you the utmost protection.
For complete answers to your asset protection questions, contact our Bronx, New York law firm
The Cormac McEnery Law Firm wants you to be secure in your retirement and old age. We listen to your concerns and develop custom strategies to address your needs. If you are in the five boroughs of New York City, or in Brooklyn Heights, Nassau and Suffolk counties, call 888.368.4329 or contact us online to schedule a free consultation.