Medicaid Asset Protection Trust In New York
A New York Medicaid Asset Protection Trust is as the name implies, a vehicle used to proactively shield assets and protect assets from NY nursing homes once you get past the 5 year look back penalty period so a person can qualify for institutional NY nursing home Medicaid and also avoid the time and expense of NY probate.
If you have not done the proper NY estate and Medicaid planning and don’t have a Medicaid Asset Protection Trust and reside in the New York City area including Manhattan, Westchester, Long Island, White Plains, Bronx, Brooklyn, Staten Island or Queens, the NY elder law attorneys at The Law Offices of Michael Camporeale can assist you with the proper drafting of this most important NY Medicaid and estate planning device.
The Medicaid Asset Protection Trust is a trust that allows a person who owns the assets, to move and re-title the assets into the NY Medicaid asset protection trust in order to start the five year look back penalty period. In order to have trust assets fully shielded and protected, they must be held in the trust for at least five years before any NY nursing home care. Therefore, one must be proactive and put a plan together well in advance of ever needing that NY nursing home care. The trust could and should hold any of the assets that a person wants shielded and protected from a NY nursing Home. However, if a person wants to exclude certain assets from the trust; they can choose to do that, however any such assets except any qualified IRA or 401k assets, not placed into the trust would be subject to a penalty period where those assets above approximately $14,500, in non-qualified IRA or 401k accounts that were not placed into the trust would be potentially subject to a penalty period where those particular assets not in the trust would have to be spent down until a person could qualify for Medicaid.
The Advantages Of Utilizing Medicaid Asset Protection Trusts In New York
The purpose of the Medicaid asset protect Trust is to shield and protect your assets in the trust so that after the 5 year look back penalty period Medicaid will pay for the high cost of the NY nursing home care and not the individual’s private assets.
Such assets include your home which could be placed into the trust, and which allows you to continue to live in your home for the rest of your life, or other investment homes, vacation homes, real estate, stocks, bonds, mutual funds, annuities, CD’s, savings accounts, and other assets, etc. The trust could and should hold any assets except any qualified 401K or IRA plans or benefits.
The Creator of the trust would then need to appoint and name a Trustee to manage the trust assets. That person is usually a trustworthy family member and does not have to be limited to only one person as the trust can have more than one trustee. These individuals would be known as Co-Trustees if more than one was appointed, and they would have to act together in order to manage the trust assets.
We are New York Elder Law Lawyers located in Manhattan, Westchester, Bronx, Long Island, Queens, Brooklyn and Staten Island who are well versed and experienced in drafting this most valuable and important proactive NY Medicaid and estate planning trust. This most important NY Medicaid Asset Protection plan must be drafted properly in order to properly protect and shield your assets. Once your assets have been held in the trust for at least five years before any NY nursing home care is needed they can be preserved and you will qualify for Medicaid so that your assets are not spent on the catastrophic costs associated with long term care and can be passed onto the next generation without the need for a NY probate.
To talk to a New York estate planning attorney, or an NY elder law lawyer, contact The Law Offices Of Michael Camporeale P.C. at (718) 475-9639 to schedule a FREE Consultation. Our elder law attorneys and estate planning lawyers have been helping clients in New York since the past decade. We are a full service law firm based in New York with offices located in Staten Island, New York, Brooklyn, Bronx, White Plains, Garden City, Melville, NY. Whether you want to speak to an estate planning lawyer or an elder law attorney, just give us a call, and we’ll be happy to assist.
Get your questions answered - call me for your free phone consultation (718) 475-9639
Utilizing Medicaid Asset Protection Trusts For Senior Citizens
This is where the Law Offices of Michael Camporeale as NY elder law attorneys who are proactive, well versed and experienced in the field of NY Medicaid planning play a most important role. If you are located in Westchester, Long island, Queens, Brooklyn, Manhattan, Bronx or Staten Island, call today for a free consultation before it is too late. Don’t risk your family’s inheritance on the high cost of NY nursing home care. Did you know that the average cost of NY nursing home care is approximately $15,000.00 per month and that you are expected to pay for that care from your private assets including your home, in that medical insurance or Medicare does not cover the cost of NY nursing home care.
Oftentimes individuals have not done the proper New York Medicaid planning and have not drafted a proper New York Medicaid Asset Protection Trust which will expose their assets and not protect them when it comes time to enter a NY nursing home. This occurs quite often because the individual and their family have failed to properly and timely plan or have failed to seek the proper advice of a NY elder law attorney who is experienced in New York Medicaid law. In that situation, the result often is catastrophic costing families hundreds of thousands of dollars. Meaning that the families’ inheritance is severely depleted or completely wiped out.
If the person has failed to timely do proper New York Medicaid planning, there might not be any inheritance left at death as all of the money will be spent on nursing home care. That is why proper timely NY Medicaid planning and the use of a NY Medicaid Asset Protection Trust is very important. The preservation of assets is the single most important reason why a person should have a Medicaid Asset Protection Trust and that is where the value lies. The preservation of the assets is important so that there can be a transfer of wealth to the next generation. This is where the elder law attorneys from The Law Offices of Michael Camporeale located in Manhattan, Westchester, Queens, Brooklyn, Long Island, Bronx and Staten Island can help you achieve your NY Medicaid and estate planning goals.
Under A New York Medicaid Asset Protection Trust, Assets Are Entitled To Creditor Protection
Another important reason for the use of a New York Medicaid Asset Protection Trust is that by placing your assets into the trust, the assets would be entitled to creditor protection as opposed to the outright transfer and/or gifts made to others or family members.
Outright gifts or transfers of assets to your children not put into the trust would subject your assets to exposure to bankruptcy, lawsuits, judgments and divorce and an increase in capital gain taxes to your beneficiaries; meaning that your assets can be taken, attached by others and taxed at a higher rate if you made outright gifts or transfers to your children and they get sued, divorced or claimed bankruptcy. That is yet another important reason why a New York Medicaid Asset Protection Trust is the preferred method of proper NY Medicaid and estate planning in New York which requires proper advice and guidance by the New York elder law attorneys from the Law Offices of Michael Camporeale who can assist you if you live in Westchester, Manhattan, Long island, Brooklyn, Bronx, Queens or Staten Island.
In addition, once a New York Medicaid Asset Protection Trust has preserved and protected the assets from the NY nursing Home which is by far the most important reason to have such a trust, it also allows for the distribution of assets held in the trust to the beneficiaries of the trust at death without the need of NY probate or administration which means that the assets from the trust would pass more quickly to the beneficiaries without the need, delay and cost of a NY probate proceeding at death.
NY Medicaid Asset Protection Trust Allows For Ease, Speed And Cost Saving To The Beneficiaries Of Your Estate At Death.
The assets in the New York Medicaid Asset protection Trust will pass to the beneficiaries under the trust by the trustees without the need, delay or cost of NY probate or court intervention which saves a lot of time and money. It would be the responsibility of the trustee to transfer or pass the trust assets to the beneficiaries, which can be done without any need for court intervention or a NY probate.
In creating the New York Medicaid Asset Protection Trust and by being proactive, the individual is getting the five year clock ticking on the five year look back penalty period and is giving the individual’s family members the proper legal tools and advantage in allowing for the preservation of assets against the catastrophic cost of long term care costs and is allowing for the proper transfer of wealth to the next generation in the most convenient, timely and cost effective manner.
The New York elder law and Medicaid planning attorneys at The Law Offices of Michael Camporeale have helped many families, from the entire New York City metropolitan area including, Westchester, Long Island, Manhattan, Bronx, Queens, Brooklyn and Staten Island for well over a decade achieve their proper NY Medicaid and estate planning goals by having done the proper planning which resulted in protecting and shielding family assets from NY nursing homes. The Law Offices of Michael Camporeale has gotten them qualified for Medicaid in New York so that the high cost of their NY nursing home care is paid by the government and not by their individual private assets or their home.
Call today for a free consultation before it is too late so that you and your family can become yet another success story of the many that we have helped over the years.
For more information on Medicaid Asset Protection Trust, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (718) 475-9639 today.
Get your questions answered - call me for your free phone consultation (718) 475-9639