Protecting Your Life Savings
Nursing home care can be incredibly expensive. Before you or your family knows it, your life savings will be depleted and you will be forced to liquidate all of your unprotected assets to pay for nursing home costs. This doesn’t have to be your future. You have estate planning options that can protect your life savings until you are eligible for Medicaid assistance.
At Koldin Law Center, P.C., our lawyers have considerable experience with a variety of estate planning tools that can help you protect your assets. We also know the Medicaid system exceedingly well, meaning we can handle the application process from start to finish.
Your Asset Protection Options
With the help of our team, you can protect your life savings with these estate planning tools:
- Irrevocable living trusts: This is the only type of trust that protects your assets in the event of catastrophic illness and complies with federal and state Medicaid requirements.
- Long-term care insurance: Because insurance can cover the cost of health care, it’s important to get enough coverage and make sure it will last as long as you need it to in order to fully protect your assets while you remain in a nursing home.
- Life estates: You can transfer your home or other real property to your children to protect it from being lost.
- Gifts: Transferring assets to a family member as a gift can protect your assets before you enter a nursing home. It’s important to talk to an attorney about how gifts can affect Medicaid eligibility due to transfer penalties.
Contact Koldin Law Center, P.C., Today
Founded more than 50 years ago, our law firm has become a trusted authority on estate planning in central and western New York because we fully understand how crucial providing asset protection is to our clients. We can help you and your loved ones every step of the way, making sure you understand your options and how to use estate planning tools effectively.
To talk to one of our attorneys today, contact us online or call our East Syracuse office at 315-314-3205. We provide free initial consultations to residents in Onondaga county and surrounding counties throughout central New York.