Many Poles in New York live under the impression that transferring a house to their children “for a dollar” at the last minute will solve all problems. Unfortunately, the law in New York State is ruthless in this regard. If you do not plan this in advance, the costs of Nursing Home care can drastically deplete the inheritance you wanted to leave to your loved ones.
Medicaid and your assets – what you need to know?
The Medicaid system has a so-called “look-back period.” This means that officials check your financial transactions from several years back.
Here are the key steps you should consider:
- Don’t wait for illness: The best time to act is when you are healthy. Qualifying for Home Care Medicaid or Nursing Home Medicaid requires strategic planning.
- Irrevocable Trust: This is a tool that can remove assets from your “ownership” in the eyes of Medicaid, while still allowing you to live in it.
- Power of Attorney: Make sure someone you trust has the right to act on your behalf if you end up in the hospital.
Schedule an analysis of your financial situation.
