Long Island Medicaid attorneys provide important help to clients interested in taking steps to protect their assets. It is important to ensure you are being proactive in protecting your wealth, not only to ensure you have sufficient assets during the course of your lifetime but also to protect your heirs or beneficiaries.
Mark S. Eghrari & Associates, PLLC can help you to understand the benefits of Medicaid planning for your heirs or beneficiaries and can provide you with the assistance that you need to make your Medicaid plan so your loved ones can be provided for even after you are gone.
Why Your Heirs Need You to Talk to Long Island Medicaid Attorneys
Your heirs or beneficiaries need you to make a Medicaid plan because if you do not do so, you could end up being forced to spend most or all of your wealth in order to cover the costs of nursing home care. According to the Wall Street Journal, more than 70 perpercent over 65 need will require nursing home care during some point in the rest of their lives. This care can be extremely expensive, with costs totaling more than $8,000 monthly for a private room in a nursing home according to national averages.
If you need nursing home care, Medicare typically will not cover any of these costs because Medicare only pays for skilled nursing care when most people need custodial care, or basic help with activities of daily living. Private insurance also won’t cover nursing home care and many people are not able to afford long-term care insurance or can’t find a policy that would actually provide them with the coverage they need. As a result, getting nursing home care — or even long-term care at home — paid for by a third party usually requires the creation of a Medicaid plan.
If you haven’t made a Medicaid plan to qualify for means-tested Medicaid when you need nursing home care, you may not qualify for coverage if you have too many assets. You could be forced to impoverish yourself by paying for nursing home care, which would mean you’d have few assets left to leave to loved ones. You want to make sure your heirs or beneficiaries are actually able to inherit, which is why making a Medicaid plan is so important.
Your heirs or beneficiaries also need you to make a Medicaid plan to protect assets so they aren’t lost to estate recovery. When Medicaid pays for services for older people or covers long-term care services, the state can use the estate recovery process to make claims on assets that are a part of a person’s estate. The government essentially becomes like a creditor making a claim in probate court to try to recover money from wealth that the deceased has left behind. This could further reduce what heirs or beneficiaries inherit unless you have made a plan to protect assets so your money and property you want to leave to loved ones isn’t lost due to the estate recovery process.
Getting Help from Long Island Medicaid Attorneys
Long Island Medicaid attorneys at Mark S. Eghrari & Associates, PLLC can provide personalized advice specific to your situation so you can determine if you need a Medicaid plan, what assets you need to protect, and how to ensure you have sufficient wealth to pass on to heirs or beneficiaries.
You should join us for a free seminar to find out more about the importance of Medicaid planning and about how the process of making a Medicaid plan works. You can also give us a call at (631) 265-0599 or contact us online to get personalized advice and to get your plans underway so you can ensure you have the money you need to provide a better future for heirs or beneficiaries. Give us a call today to learn more.