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Sound Medicaid Planning in Newton, NJ

Protecting your life savings from long-term care expenses

With Medicaid eligibility and estate recovery laws becoming increasingly aggressive, it is now more important than ever to plan well in advance to avoid having your life savings consumed by long-term care and end-of-life medical costs. Too many people in Warren and Sussex Counties have seen their life savings vanish in years or even months as medical bills from chronic illness mount. Our attorneys at Hollander, Strelzik, Pasculli, Hinkes, Wojcik, Gacquin, Vandenberg & Hontz, L.L.C. can help avoid or minimize this result by helping you take the proactive steps necessary to protect yourself and your family within the limits of the law

What is Medicare and Medicaid?

Medicare and Medicaid are both federally funded healthcare programs. Your entitlement to Medicare is based on your work record or your spouse’s and the FICA taxes you paid throughout your lives. Medicaid is a need-based program available to people whose income and assets fall below certain levels. Unfortunately, the benefits that Medicare provides for long-term care are fairly limited. Once these benefits expire, many seniors must begin paying their healthcare expenses from their own savings. Without sound planning, you will likely have to deplete these assets before you can qualify for Medicaid benefits. This is an elder law issue that many people throughout Warren and Sussex Counties ultimately face.

Medicaid asset protection strategies

To protect savings while still qualifying for Medicaid, many people attempt to dissipate assets by gifting them to friends or family or placing them in a certain type of trust that is not countable under Medicaid laws. While these approaches are sound, the challenge under current law is that you must undertake them at least five years before you apply for Medicaid. Federal law has long required state administrators to “look back” from the date of application to see if the applicant transferred any assets for less than fair market value. This means that incorrectly dissipating your assets could prevent you from qualifying for Medicaid even if your actual assets are below the required levels. Our team at the law firm of Hollander, Strelzik, Pasculli, Hinkes, Wojcik, Gacquin, Vandenberg & Hontz, L.L.C. can help you understand these complex rules and plan your Medicaid strategy well in advance.

Contact an experienced Newton firm to learn about your options

Planning for your later years can be complicated and emotionally difficult for you and your family. Our lawyers at Hollander, Strelzik, Pasculli, Hinkes, Wojcik, Gacquin, Vandenberg & Hontz, L.L.C. understand this and make every effort to explain the full range of options while still being sensitive to your circumstances and concerns. Don’t wait to begin planning for Medicaid asset protection. Call our Newton office today at 862-273-3465 or contact us online to set up an appointment with one of our attorneys.

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