Elder law encompasses a wide range of practice areas, including Medicaid planning, estate planning, asset protection and many more. While every one of our clients comes to us with a unique set of goals and concerns in this area, we have seen that some of the more common questions include:
- Can I leave an inheritance to my children and grandchildren without losing control over my finances?
- If my spouse or I get sick, will we be able to afford assisted living or a nursing home stay?
- Can I get assistance from Medicaid if I do need to stay in a nursing home?
- How can I make sure my wishes will be carried out in a health care emergency or end of life situation?
- Should I give all my assets to my children before applying for Medicaid assistance?
At the Victor Law Firm as New York elder law lawyers, we can help you find answers to these questions and many more. Whether you are a senior, or a family member concerned about the well-being of an elderly loved one, we are here to help you.
Did you know that two out of three families run out of money within the first year of a prolonged nursing home stay? This appalling situation is the result, in part, of the high cost of nursing home care, which averages anywhere between $11,000 and $14,000 a month, together with the fact that Medicare will not pay for a lengthy stay in a nursing home. What makes these statistics even more disturbing is that many families do not realize public assistance from Medicaid and/or Veterans Benefits can help pay for nursing home care, and preserve a senior’s hard-earned assets in the process.
At the Victor Law Firm as New York elder law lawyers, we can show you ways to obtain assistance from Medicaid, without spending down all your income or giving up most if not all of your assets. We can also show you a number of ways to prepare in advance for the possibility of incapacity and the need for long-term care. How? Powerful tools such as promissory notes, life estates, annuities, trusts and many more.
Non-Crisis Medicaid Planning
Non-crisis Medicaid planning is for people who are healthy now but want to make sure that if they do become incapacitated, they will have a plan in place to protect their life savings. We have designed numerous estate plans that allow individuals and families to protect their assets and adequately manage their personal and financial affairs in the event of incapacity. Having a well-designed plan in place, designed by a firm that focuses on elder law, not only ensures you will be well cared for if you become incapacitated, it can help you enjoy greater peace of mind.
A Medicaid Crisis
At the Victor Law Firm, P.C. we define a Medicaid crisis as a situation in which a person has already been admitted to a nursing home, or will be in the very near future, and been informed that they own too many assets to qualify for Medicaid assistance. Many of our clients have received information such as this from nursing home intake staff, social workers, Medicaid workers, and other well-meaning professionals. But this analysis of the situation is quite often incorrect. The fact is, few healthcare professionals fully understand the subtle nuances and ever-changing details of laws governing Medicaid eligibility. We do. If you or a loved one is facing a Medicaid crisis, please contact us immediately. We may even be able to help you receive assistance from Medicaid if you have been denied such benefits in the past. Do not despair! We are here to help you!