Long Island Medicaid planning attorney Seth Schlessel (https://www.schlessellaw.com/long-island-medicaid-planning-attorney/) of Schlessel Law PLLC has released an article about Medicaid planning in New York. The article provides important information on Medicaid planning and why it is essential for families in New York to consider.
According to the Long Island Medicaid planning attorney, Medicaid planning is the process of preparing for the possibility of needing long-term care and protecting assets for the family. He states that many people mistakenly believe that Medicaid planning is only for the poor or those without any assets. However, Medicaid planning can benefit anyone who wants to protect their assets and ensure they are not depleted in the event of long-term care.
The Long Island Medicaid planning attorney emphasizes the importance of seeking professional assistance from an experienced Long Island Medicaid planning attorney. He states, “Medicaid planning is a complex and constantly evolving area of law. It’s essential to work with an attorney who has experience and knowledge in this area to ensure that your assets are protected and your family is provided for.”
The article discusses various Medicaid planning strategies that families in New York can consider. One strategy is to establish a Medicaid trust, which is a legal arrangement that allows a person to transfer assets into a trust for the purpose of qualifying for Medicaid while protecting those assets from being used to pay for long-term care. Mr. Schlessel also discusses the use of annuities, which can help families protect their assets and qualify for Medicaid.
Mr. Schlessel notes that there are many misconceptions about Medicaid planning, including the belief that assets must be transferred five years before applying for Medicaid. He explains that while there is a five-year “lookback” period for asset transfers, there are exceptions to this rule and other strategies that can be employed to protect assets even if the five-year period has passed.
The article concludes by emphasizing the importance of Medicaid planning for families in New York. “It’s never too early to start planning for the possibility of long-term care,” Mr. Schlessel states. “Working with an experienced Long Island Medicaid planning attorney can help families protect their assets and ensure that they are not depleted by long-term care costs.”
Lastly, families in New York should consider Medicaid planning as an essential part of their estate planning. The article released by Long Island Medicaid planning attorney Seth Schlessel provides valuable information and insights into Medicaid planning strategies that can benefit families. For more information and assistance with Medicaid planning, contact Schlessel PLLC.
About Schlessel Law PLLC:
Schlessel Law PLLC is a Long Island law firm that provides legal services in the areas of elder law, estate planning, and Medicaid planning. The firm’s mission is to provide compassionate and personalized legal assistance to clients, with a focus on protecting their assets and ensuring that their wishes are carried out. Led by experienced attorney Seth Schlessel, the firm is committed to helping families navigate the complex legal landscape of elder law and estate planning.
Schlessel Law PLLC
34 Willis Ave Suite 300
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Biz Power News journalist was involved in the writing and production of this article.