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Certified Elder Law Attorneys Serving New Jersey Residents Since 1978.

Posts tagged "Medicaid Planning And Asset Protection"

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.

Using estate planning for asset protection

Many people in East Hanover may be planning for the fact that they may eventually need to enter a nursing home. While they may put a lot of thought into which facility would provide them with the best quality of care, they also will have to consider how they will pay for nursing home care. And nursing homes aren't cheap. A 2012 survey reported that, depending on where they are located, a stay in a nursing home could cost anywhere from $6,600 to $15,000 monthly. This is a huge expense that must be accounted for.

Changes to Medicaid requirements may affect Medicaid planning

Many people in New Jersey rely on the availability of Medicaid services to allow them to pay for their health care both now or in the future. However, the U.S. Centers for Medicare & Medicaid Services has issued guidelines regarding states' rights to make it mandatory for certain people who receive Medicaid benefits to work in order to keep receiving benefits. This is a big departure from how the Medicaid and Medicare programs have operated in the past. For example, under these guidelines, if a person does not have a disability and is of a working age, then in order to receive benefits the state could require that person to get a job, volunteer or go back to school. Caregiving may fulfill this requirement.

Spouses may be protected when their partner applies for Medicaid

Many married senior citizens in New Jersey are relying on Medicaid to pay for their medical and care needs once they are unable to take care of themselves on their own. However, they may be concerned that their assets will be depleted if one spouse needs to enter a nursing home, leaving the healthy spouse with nothing. However, it may be possible for the healthy spouse to keep certain assets, even if the other spouse applies for Medicaid funds to pay for nursing home care.

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