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Nursing Home Care Medicaid Planning
Institutionalized Care Medicaid Application
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With private pay costs being out of reach for most New Yorkers and Long-Term Care Insurance covering only a fraction of the people needing care, Medicaid is the necessary option to pay for nursing home care. Becoming eligible for Nursing Home Care is more difficult than Home Care because of the 5-year lookback and the penalizing of asset transfers. While spousal transfers are protected, transfers to children and other third parties may be penalized if they fall within the 5-year lookback period. Medicaid penalties delay approval and force families to pay privately until the penalty period has been satisfied. For 2023, a person may only have $28,134 in assets, not including qualified retirement accounts in payout status. Owning a primary residence may not disqualify an applicant from Nursing Home Medicaid, but they would have a six-month window to figure out how to deal with the property if they file an Intent to Return Home letter with their Medicaid Application.
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This is only one component of a complex process. The professionals at The Feller Group, P.C. have a knowledge base that includes legal strategies to preserve assets and reduce penalties.
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Promissory Notes
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A promissory note is a legal document that outlines the terms of a loan between a lender and a borrower. It includes details such as the amount and date of the loan, repayment terms, and the interest rate. It is important to note that promissory notes are legally binding and must be honored by both parties.
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Our experienced team at The Feller Group, P.C. can help ensure that a Promissory Note is properly and securely executed so that it meets all legal requirements. We can also provide advice on any potential risks associated with a Promissory Note, such as the repayment of funds and the potential for disputes. Additionally, our team can help ensure that the Promissory Note meets the needs of both parties, including any applicable state or federal laws.
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Our Additional New York Medicaid Planning Services:
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- Medicaid Home Care Applications
- Medicaid Asset Protection Trusts
- Nursing Home Litigation
- Medicaid Fair Hearings and Appeals
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