New York Chronicle

Long Island Medicaid planning attorney Seth Schlessel (https://www.schlessellaw.com/what-is-medicaids-estate-recovery-program/) of Schlessel Law PLLC has released an enlightening article that discusses the complexities surrounding Medicaid’s Estate Recovery program. The article provides an in-depth look into the potential financial pitfalls that can ensnare unprepared beneficiaries after death.

In the first section of his article, the Long Island Medicaid planning attorney discusses the financial difficulties older adults often face when they become incapacitated. Notably, he emphasizes the potential trap of the Medicaid Estate Recovery Program, which can claim assets after beneficiaries’ death to recoup the costs of their care. “Although Medicaid covers medical expenses, states have the option to recoup their payments by selling off one’s assets after death,” Schlessel warns.

The Long Island Medicaid planning attorney further defines what constitutes an estate, which includes assets such as real estate, bank accounts, investment accounts, and retirement accounts. He highlights the fact that Medicaid may place a lien on one’s house upon admission to a care facility but cannot seize or repossess it under certain conditions, such as the presence of a spouse, a child under 21, or a disabled child of any age residing there.

Schlessel highlights that strategic estate planning measures can protect portions of an individual’s estate from Medicaid’s clawback, emphasizing the importance of engaging in estate planning early, ideally long before applying to Medicaid.

In his article, Schlessel also clarifies that Medicaid is a needs-based program. He discusses how the application process for Medicaid can be deceiving, as a primary residence doesn’t count as one of the applicant’s assets if a spouse or certain individuals live at the property.

“Nevertheless, the law is well aware the asset exists and thus will try to recoup whatever they can against this asset,” Schlessel explains.

Schlessel’s article further delves into the specifics of Medicaid’s estate recovery program, discussing the eligibility criteria and instances when estate recovery applies. He also touches on the exemptions and limitations of Medicaid estate recovery in New York.

Beyond explaining the intricacies of the program, Schlessel’s article shares strategies for protecting assets from the Medicaid clawback. He introduces the concept of a Medicaid Trust, also known as an Irrevocable Income Only Trust or Medicaid Asset Protection Trust, which can be used to safeguard assets and help people qualify for Medicaid long-term care.

Seth Schlessel’s article provides invaluable insights into Medicaid’s estate recovery program, serving as a resource for individuals and families navigating the complexities of long-term care planning. To effectively navigate the intricacies of Medicaid’s estate recovery program, it’s crucial to understand the details involved.

About Schlessel Law PLLC:

Schlessel Law PLLC, led by attorney Seth Schlessel, is a Long Island-based law firm dedicated to providing comprehensive legal solutions to clients. The firm prides itself on its deep understanding of Medicaid planning and estate law. Its experienced team of attorneys works tirelessly to protect clients’ assets, helping them develop comprehensive plans to safeguard their estate while qualifying for Medicaid benefits. With a commitment to delivering personalized advice and guidance, Schlessel Law PLLC has established itself as a reliable and trusted guide through the intricacies of Medicaid estate recovery.

Embeds:

Youtube Video: https://www.youtube.com/watch?v=rti1r4-iiRQ

GMB: https://www.google.com/maps?cid=7387587768064061142

Email and website

Email: [email protected]

Website: http://www.schlessellaw.com/

Media Contact
Company Name: Schlessel Law PLLC
Contact Person: Seth Schlessel
Email: Send Email
Phone: (516) 574-9630
Address:34 Willis Ave Suite 300, Mineola, NY 11501
City: Mineola
State: New York
Country: United States
Website: http://www.schlessellaw.com/