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Certified Elder Law Attorneys Serving New Jersey Residents Since 1978.

medicaid planning and asset protection Archives

When can certain annuities be used in Medicaid planning?

Many people in New Jersey may have decided that they will rely on Medicaid in part to fund their stay in a nursing home, should they need such services in their old age. However, to do so, a person's countable assets cannot be valued above a nominal level, which is quite low. Most people do not want to impoverish themselves or deplete their estate, just to be able to afford nursing home care. Fortunately, people in such situations have asset protection options, and one of these options may be a Single Premium Immediate Annuity.

Medicaid planning and the qualified income trust

People in New Jersey who are in need of nursing home care or other types of assisted living care may be planning on using Medicaid benefits to fund such care. In order to qualify for Medicaid, a person's income must be below a certain level. However, through the use of a Qualified Income Trust it is possible for those with higher incomes to receive Long Term Services and Supports if they are otherwise eligible to do so.

Medicaid in New Jersey now covers end-of-life care planning

While it is not exactly a pleasant topic to think about, many people in New Jersey may have opinions on what kind of end-of-life care they receive. Some may not want to remain on life support if they are in a vegetative state. Some may decide that if they are struck by a fatal illness, they want to enter into hospice care. And, some people may want physicians to take every possible step to keep them alive as long as possible.

Asset protection may be possible for New Jersey residents

Those in New Jersey who have an aging loved one who is in need of around-the-clock care may find the costs associated with such care can be distressing. As of now, 24/7 in-home care can set a person back $7,000 monthly. If you'd like your loved one to live in an assisted living community, this could cost as much as $8,000 monthly. And, should your loved one need nursing home care, the price tag could be a staggering $12,000 monthly. These costs could easily wipe out a person's finances all too quickly.

Planning for New Jersey Long Term Services and Supports

As people in New Jersey age, they may find their ability to care for themselves has declined. Whether it is due to an illness, an injury or simply old age, a person might decide that they have long-term care needs. Such care comes at a cost, however. Some people may be relying on Medicaid to pay for these services.

Transferring a home to one's child as part of Medicaid planning

To qualify for Medicaid benefits, the combined total of a person's income and assets cannot surpass a certain threshold, which is relatively low. A person's home may be counted as an asset for the purpose of Medicaid qualification. However, people in New Jersey need not impoverish themselves to obtain Medicaid benefits. This is because there are exceptions to what counts as an asset when determining whether one is eligible for Medicaid.

We assist those in New Jersey appealing a denial of Medicaid

The baby boomer generation is aging, and some may find that their parents are in need of nursing home care, or they may have reached an age where they themselves need nursing home care. Many people in such situations will want to apply for Medicaid benefits. However, sometimes when a person applies for Medicaid, their application is denied.

What counts as income for Medicaid purposes in New Jersey?

One thing that will be considered when a person in New Jersey applies for Medicaid benefits is that person's income. There is a limit to the amount of income a person can make for the purposes of receiving Medicaid benefits. Of course, income includes any wages earned. However, it can include other financial resources as well.

Qualified income trusts can be part of Medicaid planning

Medicaid benefits can be very important for those who need long-term care, but applicants must have a limited income in order to qualify. New Jersey residents in such situations may fear that they will be ineligible for Medicaid, because their income is too high. However, there are means for a person to retain income in a way that still allows them to qualify for Medicaid.

An irrevocable trust may be part of Medicaid planning for some

As our nation's population ages, more and more people will need care in their older years. Whether they choose in-home care, an assisted living facility or a traditional nursing home, paying for such care can easily exhaust a person's financial resources and nest egg. Some people in New Jersey may assume that when the time comes, they'll utilize Medicaid to pay for their long-term care needs. The issue with this is that a person must have little in the way of "countable assets," in order to qualify for Medicaid. This means that before Medicaid will pay for their long-term care needs, they will need to have exhausted nearly all their other sources of assets on medical care, without leaving any inheritance to loved ones.

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