Medicaid Planning

The importance of Medicaid planning is a result of the current cost to private pay for nursing home care. A nursing home will now often charge in the range of $10,000.00 to $15,000.00 per month. As you can see from these numbers, an individual could soon deplete all their savings. With Medicaid planning it is possible to protect savings. The plan has to be accomplished at least five years before the individual applies for Medicaid coverage. A trust is created to hold assets, often including the home. Medicaid has a five year look-back period to determine when assets were transferred by the individual.

In preparing the Medicaid plan the attorney will need to know the extent and type of assets held by the individual and their spouse. It is also important to determine the future financial needs of the family.  

Full Disclosure: This website is a form of attorney advertising. Prior results cannot and do not guarantee or predict a similar outcome with respect to any future matter, including yours, in which a lawyer or law firm may be retained.

The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. I invite you to contact me and welcome your calls, letters and electronic mail. Contacting me does not create an attorney-client relationship. Please do not send any confidential information until an attorney-client relationship has been established.

Robert W. Shaw is licensed in New York.