Medicaid Planning by Seth Schlessel

Medicaid Planning by Seth Schlessel

Planning for long-term care is an essential step for families in Nassau County and Suffolk County, Long Island. The rising costs of home care and nursing home care can quickly overwhelm financial resources, making Medicaid planning a critical component of estate management. Medicaid planning attorney Seth Schlessel and the team at Schlessel Law, PLLC, assist families in navigating Medicaid’s stringent eligibility requirements and asset protection strategies to secure the care they need without financial hardship.

Schlessel Law PLLC
34 Willis Ave Suite 300, Mineola, NY 11501, United States
(516) 574-9630
https://www.schlessellaw.com/long-isl...

https://www.google.com/maps/place/Sch...

Medicaid offers vital support for individuals requiring nursing home care or home care services, but qualifying for these benefits requires careful planning. Medicaid eligibility in New York depends on meeting strict income and asset limits. Countable assets, such as cash, stocks, and savings accounts, can impact eligibility, while exempt assets, such as a primary home, one vehicle, and burial funds, remain protected. Seth Schlessel provides guidance on structuring finances to meet Medicaid requirements while preserving important assets for families.

A significant challenge in Medicaid planning is the look-back period. For nursing home care, Medicaid evaluates financial transactions over the past five years, while Community Medicaid applicants face a look-back period of 30 months. Improper asset transfers during this time can result in penalties, delaying access to Medicaid benefits. Attorney Schlessel works closely with clients to implement strategies such as Medicaid Asset Trusts, irrevocable trusts, and Supplemental Needs Trusts to protect assets and ensure compliance with Medicaid’s rules.

The Community Spouse Resource Allowance (CSRA) is another crucial consideration for married couples applying for Medicaid. This allowance protects a portion of the couple’s assets for the non-applicant spouse, ensuring they have sufficient resources to maintain financial stability. Schlessel Law helps families understand and navigate these allowances to safeguard the well-being of both spouses.

For individuals and families, Medicaid planning is not just about meeting eligibility requirements; it is also about protecting a legacy. Without proper planning, Medicaid’s estate recovery program can claim assets, such as a family home, to reimburse care costs. Schlessel Law helps clients proactively plan to avoid this scenario, offering solutions like irrevocable trusts and other asset protection tools.

Seth Schlessel and his team provide comprehensive Medicaid and estate planning services, including assistance with Medicaid applications, spend-down strategies for excess income, and financial evaluations to determine the best approach for long-term care needs. Their focus is on providing tailored guidance that meets each family’s unique circumstances while ensuring that assets are preserved and legacies protected.

The costs of long-term care on Long Island are substantial, with nursing home expenses often exceeding $140,000 annually. Medicaid offers an essential safety net, but proper planning is required to access these benefits without jeopardizing financial stability. Schlessel Law, PLLC, serves families throughout Nassau County and Suffolk County, offering guidance on Medicaid planning and elder law to ensure peace of mind for aging individuals and their loved ones.

To learn more about Medicaid planning and how Schlessel Law, PLLC, can assist, call (516) 574-9630 to schedule a consultation. Take control of your financial future and plan effectively for long-term care today.

How to apply for Medicaid in Nassau County?
How do I change my Medicaid plan in NY?
How does Medicaid work in NY?
What documentation is required for Medicaid in NY?