Medicaid Planning Albany NY, Saratoga Springs NY, Kingston NY & Beyond

Medicaid planning can be complicated—Herzog Law Firm offers compassionate guidance to clients across NY state from our offices in Albany, Saratoga Springs, & Kingston. We’ll help you understand New York Medicaid plans and preserve your assets to the fullest extent possible.

What is Medicaid Planning?

Medicaid is the largest source of funding for long-term care costs in the United States. Since Medicaid has strict income and asset eligibility requirements, Medicaid planning is often done to ensure individuals can access these benefits without depleting their entire financial estate.

The Process

At Herzog Law Firm, our Medicaid planning process helps clients evaluate and strategically structure their assets and income to qualify for Medicaid benefits while also preserving those assets to the extent allowed by law. Since Medicaid has strict income and asset eligibility requirements, Medicaid planning with our team of experienced attorneys will help you access these benefits without depleting your entire financial estate. This may be achieved through a variety of means, such as gifting assets, creating irrevocable trusts, and converting countable assets into exempt assets.

Benefits of Medicaid Planning

  • Can protect your home and other assets from the significant expense of long-term care
  • Get assistance with preparing and filing a Community Medicaid application for home health care services and/or a Chronic Care Medicaid application for nursing home care
  • Be prepared for and get help with Medicaid renewals and recertifications
  • Guidance in the creation and funding of a Medicaid Asset Protection Trust and/or pooled trusts
  • Get help navigating long-term care with a trusted and experienced care coordinator

Key Components of Medicaid Planning

Medicaid Eligibility

Medicaid eligibility considers an individual's income and assets to determine what Medicaid benefits they may qualify for.

Asset Protection Strategies

Strategies that aim to preserve as much of an individual's assets as possible while still qualifying for Medicaid.

Look-Back Period

A specific period of time (currently the 60 months before a Medicaid application is submitted) during which all asset transfers are scrutinized. Asset transfers made within this period may result in a penalty period during which Medicaid benefits are not provided.

Irrevocable Trusts

Trusts that can help protect assets from being counted for Medicaid eligibility, as they are generally not considered part of the individual's countable assets.

Income Planning

Income planning involves structuring income to meet Medicaid's income requirements.

Exempt Assets

Exempt assets may include a primary residence, personal belongings, and certain prepaid funeral expenses.

Spousal Impoverishment Rules

Spousal impoverishment rules protect a certain amount of income and assets in cases where one spouse needs Medicaid but another does not.

Connect With Us

Want to learn more about Medicaid planning in Albany, the greater Capital Region, or Upstate NY? Contact the experts at Herzog Law Firm—give us a call at (518) 465-7581 or fill out the form below to schedule a free consultation.