Long Island asset protection lawyer Seth Schlessel (https://www.schlessellaw.com/can-a-nursing-home-take-your-house-if-it-is-in-a-trust-in-new-york/) of Schlessel Law PLLC recently published an in-depth article titled “Can A Nursing Home Take Your House if it is in A Trust in New York?” The article provides valuable insights into the complex legal landscape surrounding nursing home costs, asset protection, and the role of trusts in safeguarding an individual’s estate from nursing home claims in New York.
As a Long Island asset protection lawyer, Schlessel emphasizes the importance of financial planning, given the high cost of nursing home care in the state. He provides an overview of the factors contributing to these costs, such as the increasing demand for long-term care services, the rising cost of healthcare, and the limited availability of affordable nursing home facilities.
In the article, Long Island asset protection lawyer Seth Schlessel explains how Medicaid can help pay for nursing home care for eligible individuals. However, he also points out that Medicaid has strict eligibility requirements and that assets above a certain threshold can disqualify an individual from receiving benefits.
Schlessel goes on to discuss the difference between revocable and irrevocable trusts. He explains that while revocable trusts can be modified or revoked by the grantor, they provide little protection from nursing home costs. On the other hand, irrevocable trusts offer substantial protection from nursing home costs, as assets transferred into an irrevocable trust generally can’t be removed or controlled by the grantor, shielding them from nursing home claims. However, he also mentions that these trusts are subject to the Medicaid look-back period, which can result in penalties if assets are transferred within five years before applying for Medicaid.
The article also explores the benefits and disadvantages of Medicaid Asset Protection Trusts (MAPTs), which can protect a house and other assets from nursing home claims. Schlessel explains that MAPTs can be an effective tool for preserving assets while allowing individuals to qualify for Medicaid. However, he also cautions that the creation and administration of such trusts can be complex and may require the assistance of an experienced attorney.
The firm’s team of experienced attorneys, led by Seth Schlessel, is dedicated to helping clients understand the complexities of Medicaid eligibility, nursing home costs, and the legal framework surrounding trusts and asset protection. The section highlights the firm’s commitment to providing personalized services tailored to the unique needs of each client, as well as its dedication to educating clients on the various options available for protecting their assets and ensuring their loved ones’ financial security.
Asset protection lawyer Seth Schlessel’s comprehensive article is an invaluable resource for individuals and families considering their options for safeguarding their assets from nursing home costs. It underscores the importance of consulting with a knowledgeable attorney to develop a tailored asset protection strategy that addresses one’s specific circumstances.
For more information on asset protection and the role of trusts in protecting estates from nursing home claims in New York, interested parties should read Schlessel’s article and consider reaching out to a skilled attorney for guidance.
About Schlessel Law PLLC:
Schlessel Law PLLC offers a wide range of legal services, including estate planning, asset protection, Medicaid planning, and elder law. With a team of experienced attorneys at the helm, the firm is well-equipped to guide clients through the complex legal landscape surrounding asset protection and long-term care planning.
Schlessel Law PLLC
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