Medicaid and Special Needs Planning To Ensure Continued Access to Medical Care

You could believe like many others that you shouldn't need to make special needs care plans because of your good health. The problem with that kind of thinking is that things can change, especially in 20 years. No one among us can forecast their future health. According to statistics, at least two-thirds of those over 65 will eventually need some kind of long-term care. In the end, Medicaid & special needs planning is still something you should think about even if you are currently healthy.

How Can Medicaid Planning Help You To Prepare?

Medicaid benefits are designed to assist low-income people in paying for healthcare. Since Medicaid is a needs-based assistance program, having more than $2,000 in assets disqualifies you.  Although some assets, such as your home, are exempt, it is still quite simple to exhaust your funds before Medicaid starts paying for your long-term care costs. The objective of Medicaid and special needs planning is to prevent you from using up all of your resources while maintaining your eligibility for assistance.

The Purpose of Having a Special Needs Planning

Special need planning is the process of creating a comprehensive plan to ensure that an individual with special needs has the necessary resources and support throughout their lifetime, as mentioned in Roman Aminov Estate Law Firm of Queens. This type of planning takes into account various aspects of the individual's life, including financial, legal, medical, and personal matters.

An effective special needs plan should include:

1. A Special Needs Trust (SNT): A legal arrangement that allows assets to be held and managed for the benefit of a person with special needs, without affecting their eligibility for government benefits like Medicaid.
2. Guardianship or Conservatorship: A legal arrangement that appoints a responsible adult to make decisions on behalf of the person with special needs.
3. Financial Planning: Ensuring that the individual's financial resources are sufficient to cover their ongoing Medicaid and special needs planning expenses.
4. Medical and Health Care Planning: Identifying and coordinating the necessary medical and support services.
5. Education and Employment Planning: Identifying appropriate educational and employment opportunities and support services.
6. Housing and Community Inclusion: Identifying suitable housing options and promoting community integration and inclusion.

Medicaid Eligibility and Special Needs Planning

One of the primary concerns in special needs planning is preserving the individual's eligibility for Medicaid and other government benefits. Since Medicaid is a means-tested program, having too many assets or income can disqualify an individual from receiving benefits. According to RA Estate Lawyer NYC, to maintain Medicaid eligibility, assets should be placed in a Special Needs Trust (SNT). This type of trust is specifically designed to hold assets for the benefit of a person with special needs without jeopardizing their eligibility for government assistance.

There are two main types of SNTs:

1. First-Party Special Needs Trusts: Funded with the individual's assets, such as an inheritance, lawsuit settlement, or personal savings. These trusts must include a "payback" provision, which states that upon the individual's death, any remaining funds will be used to reimburse the state for Medicaid benefits received during their lifetime.
2. Third-Party Special Needs Trusts: Funded with assets contributed by someone other than the individual with special needs, such as family members or friends. These trusts do not require a payback provision and can distribute the remaining funds to other beneficiaries upon the individual's death.

Both types of SNTs allow the trustee to use trust funds to provide supplemental support and enhance the quality of life for the individual with special needs, without affecting their Medicaid and special needs planning as well as eligibility.

A Roman Aminov Estate Law Firm of Brooklyn can work with you on your estate planning needs and special needs. They have the experience to create trusts that will assist disabled and elderly people to pass down their estates and assets to their chosen beneficiaries without putting beneficiaries' Medicaid benefits in jeopardy.  Roman Aminov Estate Law Firm of NYC can help you and your loved one with Medicaid and special needs planning.

Roman Aminov 1600 Avenue M, Brooklyn, NY 11230 (347) 766-2682 https://www.aminovlaw.com/ 

Law Offices Of Roman Aminov 147-17 Union Tpke, Queens, NY 11367 (347) 766-2685 https://www.aminovlaw.com/queens-ny-estate-lawyer

Roman Aminov Estate Law Firm of NYC  260 Madison Ave STE 204, New York, NY 10016 (212) 201-9299 https://www.aminovlaw.com/

Law Offices Of Roman Aminov 54-14 74th St, Elmhurst, NY 11373 (347) 384-6854 https://www.aminovlaw.com/an-elmhurst-ny-estate-lawyer/

Aminov Law Estate & Probate Lawyer Astoria  35-37 36th St, Astoria, NY 11106 (718) 971-9555 https://www.aminovlaw.com/astoria-ny-estate-lawyer/

Law Offices Of Roman Aminov 2270 Grand Ave, Baldwin, NY 11510 (516) 350-0555 https://www.aminovlaw.com/

Law Offices Of Roman Aminov 215-03 Jamaica Ave, Queens Village, NY 11428 (347) 384-6745 https://www.aminovlaw.com/queens-village/

Law Offices Of Roman Aminov 118-35 Queens Blvd #400, Forest Hills, NY 11375 (347) 694-8856 https://www.aminovlaw.com/forest-hills-ny-estate-lawyer/

Why is it required to hire Queens, NY Probate Attorney?

 

Executors and surviving family members can greatly ease the difficult and drawn-out process of probate by employing an attorney. The legal procedure of proving a will and identifying inheritors prior to distributing the inheritance is known as probate. Although probate isn't always necessary, the majority of high-value assets such real estate does. Probate management may be a daunting and sometimes very stressful duty for an estate's executor. You can be the target of allegations from family members or deal with other difficulties like debt claims. Incorrect execution might result in personal culpability. You can expedite the procedure by hiring a probate lawyer. They will be prepared and prevent blunders that might be expensive or time-consuming.

Avoid any type of family conflicts

Family disputes are the most frequent cause of regret for not engaging a probate counsel. Many probate procedures include some conflict and bickering. Sometimes, it can nearly be acceptable if the executor handled things poorly or there was a communication breakdown. However, any conflict can impede progress or harm family relationships severely. You may prevent family disputes by working with a Queens, NY Probate Attorney. Since the other family members will be aware that the executor is not handling the estate improperly, the attorney will take away the executor's sense of independence. Additionally, they will be able to walk the other family members through every step of the procedure, preventing one-on-one conflicts with the executor.

Resolve all types of Debts

There may be unpaid debts left over after someone passes away which the estate is responsible for paying. You have a duty to take care of these debts as the executor. This process can take a long time. Among the obligations that must be paid off are taxes, burial expenses, unpaid bills and loans. A Probate Attorney can help you avoid overpaying, underpaying or overlooking crucial financial information. Additionally, you may get help with getting the required death certificate or legal documentation as well as aid with notifying creditors of the death. Debts and bills may sometimes be extremely difficult and stressful, particularly after the loss of a loved one. You can get professional guidance and peace of mind by working with a probate lawyer.

Save Money

Hiring a Queens, NY Probate Attorney has additional charges. However, these expenses pale in comparison to the price of an unsuccessful administration of the Estate. Any future legal representation will be necessary in the event that you (as the executor) or the estates are subject to a legal claim; these expenses might grow significantly over time. Things may get quite difficult when you also need to consider every single legal aspect from reading the will to perhaps addressing family issues. Many executors that we have worked with claim that hiring a probate attorney is mostly done for their own piece of mind. This is difficult to handle on your own. A lawyer will relieve much of that strain for you and make sure you are shielded from responsibility.

Ways to Hire an Elder Lawyer Queens

The significance and importance of a professional elder lawyer is almost to say the least.  such a professional lawyer is considered to be of great help for an elderly person. In this regard, you are supposed to consider few essential tips given below. Upon following which you can find a good Elder Lawyer Queens.

 

Consult face to face

If you truly want to know the service quality and personality of the professional lawyer, then you are really supposed to consult Elder Lawyer Queens face to face. In doing so, you will get to know about the service quality and other aspects of the lawyer that you are looking forward to hire. The important thing is to take time from the lawyer for consultation.

Consider their experience

If you really want to hire the best professional elder lawyer, then you are required to consider their experience before finally hiring them. But valuable experience comes with years. This is why you are supposed to ensure that the Elder Lawyer Queens Online has at least few years of working experience in this field.

Customer service

Customer service is known to be another essential aspect that you put maximum emphasis on. The customer service department should be proactive in helping their customers in whatever way possible. Once you become sure about the customers service of Elder Law Queens Online then you would be able to reap the most benefits out of it.

Do your research

You are really supposed to do your extensive research about the different aspects of Roman Aminov Estate Law Brooklyn Esq. Once you become certain about their service quality and other benefits, then you can avail their service. This is what the customers of estate law Brooklyn do. More research you manage to do, better it is going to be for you.

Roman Aminov Estate Law Brooklyn Esq., 1600 Avenue M, Brooklyn, NY 11230, United States, +13477662682, info@aminovlaw.com

Why Should Choose Elder Lawyer in NYC Roman Aminov?

Hiring a lawyer is to be very necessary and important if you are to deal any case in court. But it is essential to hire the right professional lawyer who can really help you solve your case. You should find the right professional for the job.

Go for Roman Aminov

There are a lot of good reasons for you to choose Elder Lawyer in NYC Roman Aminov over other professional lawyers out there. Few of the reasons are given below for which hiring Roman Aminov Lawyer would certainly be a good choice for you to make.

 ·         Expertise

Elder Lawyer in NYC Roman Aminov has been there in this profession for many years now. Hence, they have ultimate knowledge and expertise in this line of job. You would be much benefitted to avail their service to say the least.

·         Extensive experience

The extensive experience of Elder Lawyer is another reason for which you must go for this lawyer. They have won many cases for their clients over the years. Hence, you can really put your trust on them and they will do the needful for you. They understand their clients better to say the least.

·         Affordable rates

Once you decide to avail the service of Elder Lawyer NYC then you will get several benefits. They are to charge their clients with affordable and decent rates. Therefore, you are never going to be overcharged and pay a fortune to make their payment. This is certainly regarded as one of the best benefits that you are going to get from their service. In this regard, they are considered to be better than any other professional lawyers working out there.

Roman Aminov Estate Law Firm of Queens 147-17 Union Tpke, Queens, NY 11367 (347) 766-2685

 

Roman Aminov Estate Law Firm of Queens 1600 Avenue M, Brooklyn, NY 11230 (347) 766-2682

Aminov Estate & Probate Lawyers Of NYC 260 Madison Ave STE 204, New York, NY 10016 (212) 201-9299