McCarthy Fingar's clients come to us when family members seek to protect assets from creditors and/or desire to obtain benefits under New York's Medicaid program for nursing home services or services at home. Whether a client's need for Medicaid benefits is immediate or in the future, our lawyers will develop and implement options that will help our clients succeed.
With soaring costs for long-term care, many clients wish to obtain immediate or future benefits under New York's Medicaid program. The immediate, short-term or long-term, goal is to obtain benefits under New York's Medicaid program (referred to as Medicaid Planning), for clients that are or may be entering a nursing home or who require home care services. The options that our lawyers offer in "Medicaid Planning" are wide-ranging, and include the following:
Outright Gifts of Cash and Securities. Making an outright gift of cash and/or securities to family members can be an important part of an effective Medicaid plan.. Decisions on gifts often depend upon the client's tax basis in particular assets that might be the subject of a planned gift. Any such gifts and should be consistent with tax avoidance strategies.
Transfers of Real Estate or Other Assets with Retained Life Estate. Transfers of a client's real estate or other assets, with the client retains an interest in that property for a period potentially as long as the client's life, can also be a successful Medicaid planning strategy. The objective of such a gift it to permit a client to obtain Medicaid assistance and/or preserving the client's assets from creditors, yet to permit a client's family to get a "step up" in tax basis on the asset on the client's death.
Long-Term Care Insurance. The use of long-term care insurance, purchased through one of many of insurance carriers, can also be part of an overall Medicaid planning strategy. We can assist our clients in analyzing the proposals in order to make the best economic and legal decision when the options for long-term care insurance are presented.
Private Annuities or Loans. The use of more creative Medicaid Planning techniques, such as the purchase, through family members, of a private annuity by a client, or different type of loans or sales of assets, can also be part of a good Medicaid plan..
In developing Medicaid Planning options, McCarthy Fingar's Trusts and Estates lawyers first spend the time to collect information and documents from a client and/or an agent/legal representative for the client. Medicaid Plannning options often involve different levels of risk, including a possible compromise of a client's tax avoidance objective. Our role is to present the myriad of options so that the best possible judgment is made for the client and the client's family.
McCarthy Fingar's Medicaid Planning lawyers are dedicated to our clients' success. If you think you may require our assistance or have any questions about options, please contact Gail M. Boggio by email (firstname.lastname@example.org) or phone (914-385-1026), Lisa Newfield by email (email@example.com) or phone (914-385-1032) or Frank W. Streng by email (firstname.lastname@example.org) or phone (914-385-1022).