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Asset Protection, continued

The Ettinger Law Firm has handled well over one thousand Medicaid applications in the last decade. Our success rate has been in excess of ninety-five percent, including the many cases where our clients have been denied benefits by the Department of Social Services caseworker (i.e. Medicaid) for various reasons and we have had these cases overturned on appeal. In some cases, the caseworker did not know the rules and in others the caseworker was not permitted to apply the rules. Medicaid planning can be complex and, especially where you are seeking to protect transfers which have been, or are going to be made, the services of the elder law attorney are indispensable.

A word about the exemptions. There are numerous ways, even upon entering a nursing home, to keep more than half-a-loaf. For example, if you have a spouse at home, they can keep the house, one automobile and all of their IRA or 401(k) money or about ninety thousand ($90,000) dollars, whichever is greater. Improvements to the home, including carpeting, painting, appliances, etc. can be paid for with excess funds without jeopardizing Medicaid eligibility. Similarly, mortgages can be paid off to protect additional funds. There are other favorable rules where a child is living at home (even an adult child) or where the spouse at home needs to keep additional assets to live on. Even a single person can use the rules to protect most of their IRA or 401(k) money with proper planning.Needless to say, it is not possible to explain all of the Medicaid rules in an article of short duration. We hope this gives you some idea of what is involved and stimulates you to do a good turn for someone else by referring them to our firm for Medicaid planning and asset protection. As always, the initial consultation is free, so your friends and family may come in and learn what their rights are without obligation.

Please also note that under the Medicaid law a person’s level of care may not be diminished if they go onto Medicaid, and that this rule is strictly enforced in New York State.

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Disclaimer — This web site is intended, but not promised or guaranteed, to be correct, complete or up-to-date. It is not intended to be a source of legal advice; thus the reader should seek out specific advice, based on the reader's age, assets, state of health, etc. from competent counsel. Ettinger Law Firm does not intend links on this web site to be referrals or endorsements of the linked entities.