Planning in Advance to Qualify for Medicaid
In years past, one could qualify for Medicaid by simply transferring assets to family members and loved ones and waiting a relatively short period of time. Federal legislation enacted in 2006 makes this more difficult. It is still possible to qualify for Medicaid by disbursing assets, but unless it is done properly and in accordance with the law, the elderly person could face costly financial penalties.
The Manna Helmy Law Group is an experienced Medicaid planning and elder law firm. Our Ridgewood Medicaid planning lawyers understand the law and how to use it to qualify for Medicaid while retaining assets or transferring them legally to family members.
Looking Back — and Looking Forward
Federal law subjects asset transfers prior to application for Medicaid to a five-year look-back period for all transfers made on or after February 8, 2006. In other words, if you transfer assets on or after February 8, 2006, you will be ineligible for Medicaid for a period of time for the next five years. There are significant exceptions to this general rule, and properly structured transfers can reduce or eliminate this ineligibility period and significantly reduce financial penalties.
Using these provisions in the law may provide a means to get around these penalties. Our attorneys understand these provisions. In most cases, we usually devise a strategy to qualify for Medicaid while legally transferring assets to another family member. Your loved one gets the Medicaid he or she needs, and the relatives can receive a portion of those assets. If the person seeking Medicaid is married, it works even better — in many cases married couples can save significantly more assets than a single person.
Experienced Medicaid Planning Attorneys
The Manna Helmy Law Group has helped hundreds of New Jersey and New York residents plan for Medicaid and transfer assets legally to family members and loved ones.
With our help, your loved one can get the medical care he or she needs — without large financial penalties.
For Assistance With Transferring Assets, Contact Our Bergen County Lawyers
We will thoroughly review your situation to determine your Medicaid qualification options. Contact our Ridgewood Medicaid planning attorneys online or call 201-345-3018 to schedule a free initial consultation to discuss your situation. We represent clients throughout New Jersey and New York.