River Edge Medicaid Planning Attorneys Focused On Your Future

As we get older, Medicaid can be one of the essential safety nets necessary to help us with the high costs of the care we require. While the benefits of Medicaid may be something we need, obtaining those benefits is not as easy as it should be. Thankfully, you can get help to ensure you can access these benefits when the time comes.

At Giro & Associates LLC, our lawyers are proud to use their decades of combined experience to help people throughout New Jersey with their Medicaid needs. Navigating the preparation and application process on your own can be exhausting, which is why we want to relieve you of that burden as we guide you through every step of the process while protecting your assets along the way.

What You Should Know About Medicaid Planning

When clients come to us for help with Medicaid planning, we guide them through the process of structuring their assets in a manner that can help them become eligible for Medicaid benefits. Medicaid requires applicants to meet rigid low-income and asset thresholds, and proper planning can help you meet those requirements.

During the application process, Medicaid will look back five years in an applicant’s financial history to determine eligibility. The point of this review is to block any last-minute asset transfer to qualify for benefits, which is why proper planning is so necessary.

Putting your assets into trusts ahead of time can both protect what you have worked so hard for and ensure your eligibility. We can help you move your assets based on your unique needs. In the event that you are experiencing an emergency and need Medicaid assistance immediately, we can also help you through crisis Medicaid planning to keep as much of your assets as possible.

Frequently Asked Questions On Medicaid Planning

When applying for Medicaid in New Jersey, it is essential to understand the rules around asset limits, transfers and planning techniques. Medicaid is a crucial safety net for many seniors seeking long-term care, but an application can be delayed or denied without careful preparation. Below are answers to some common questions that can help guide the planning process.

How does the five-year look-back period affect my Medicaid application?

New Jersey Medicaid uses a five-year “look-back” period to examine your financial history. Any transfers or gifts made within five years of your application are closely reviewed.

A penalty period may be imposed if the state finds that assets were given away or sold for less than fair market value. You may be ineligible for Medicaid coverage during this time, even if you meet other criteria. This rule aims to prevent applicants from giving away assets to qualify.

What are some common strategies for Medicaid planning?

Proper Medicaid planning helps preserve assets while ensuring eligibility. Some common strategies include:

Creating an irrevocable trust to protect assets while removing them from your countable estate

• Converting countable assets into exempt ones, like using savings to make home improvements or buy a prepaid funeral plan
• Gifting assets to family members well in advance of the five-year look-back window
• Utilizing spousal protections, like a Medicaid-compliant annuity, to provide for the healthy spouse

To avoid penalties, a qualified elder law attorney should always review these strategies.

What assets are considered when determining Medicaid eligibility?

Medicaid divides assets into two categories: countable and exempt. Countable assets include:

• Bank accounts
• Stocks and bonds
• Retirement accounts (like IRAs and 401(k)s)
• Real estate other than your primary residence

Exempt assets often include:

• Your primary home (if equity is below a certain limit and you intend to return)
• One vehicle
• Personal belongings and household items
• Burial plots and prepaid funeral arrangements

We can help you understand what counts, as it can impact your eligibility.

Can I give away assets to qualify for Medicaid?

It is a common misconception that you can give away assets to qualify for Medicaid. While gifts are allowed, doing so within the five-year look-back period can trigger penalties.

These penalties delay eligibility and could leave you without coverage when you need care. Therefore, the safest and strategic path is early planning to avoid all the chaos that may follow.

Protect Your Assets And Your Future

When your health and well-being are on the line, do not take chances with your assets to get the benefits you need. If you are ready to meet with a New Jersey attorney you can depend on with your Medicaid needs, contact us today.

Call us at 201-771-9436 or email us here to set up your first appointment with us and take the first step toward planning for these benefits.