The Need for Medicaid Planning in New Jersey

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One of the greatest fears of older Americans is that they may end up in a nursing home. This not only means a great loss of personal autonomy, but also a tremendous financial price. Careful planning can help ease the financial burden.

Our law firm holds weekly educational webinars on the topics of elder law and Medicaid planning, where our attorneys discuss some of the many issues New Jersey residents face once they retire, and how using estate planning can help you protect your family and your assets. More information on the next available webinar can be found here.

Depending on location and level of care, nursing homes may cost between $120,000 and $180,000 a year. Most people end up paying for nursing home care out of their savings until they run out. Then they can qualify for Medicaid to pick up the cost.

Unless they plan ahead of time…

Medicaid rules require that recipients have no more than $2,000 in “countable” assets (or $15,000 in the state of New York) and limited income. Any excess assets need to be spent down before you can qualify for Medicaid. In addition, in order to be eligible for Medicaid, you cannot have recently transferred assets. If you transfer assets within five years of applying for Medicaid, you may be subject to a penalty period during which you cannot receive benefits. After you die, Medicaid also has the right to recover from your estate, which in the case of a Medicaid recipient usually means the house.

Careful planning ahead of time can help protect your estate for your spouse or for your children. This way, when you do need long-term care, you will quickly qualify for Medicaid benefits while protecting your assets for you and the people you love.

To learn more, join us for a FREE EDUCATIONAL WEBINAR “5 Things You Need to Know About Estate Planning Once You Turn 65” presented by a local elder law attorney. We will discuss legal risks associated with aging, planning to avoid guardianship, protect your assets, pay for long-term care and qualify for Medicaid; understand the difference between having a Living Trust and a Will, and how to determine which one you need.

==> Click Here to Register or Call (201) 380-2000

The webinar is presented by Andrey Milvidskiy, Esq., the principal attorney of Milvidskiy Law Group P.C., a New Jersey-based elder law and estate planning firm, and the author of the book The Law of Aging (available at Barnes & Noble and Amazon).

To learn more about our firm and its services, visit our website www.milvidlaw.com. You can contact our offices by phone at (877) 310-3939 or via email at info@milvidlaw.com.

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