Medicaid and Long-Term Care Planning for Buffalo, NY

Did you know that the average cost of a nursing home in Western New York is currently between $14,000 and $20,000 a month?  If you need skilled nursing care, your assets could easily be depleted by a minimum of $168,000 a year.  We know that you have worked hard to save money so you could enjoy your retirement.  We also understand the importance of being able to pass along this wealth to your children and future generations.

At Smith Vavonese, LLP we can help put together a comprehensive plan to preserve and protect these assets from your long-term care costs and utilize Medicaid programs to pay for such care.  At our initial meeting, we will explain Medicaid income and resource allowances, the lookback/penalty period, and the differences between Nursing Home Medicaid and community Medicaid.  Most importantly we will identify what assets, if any, are exposed to long-term care costs.  We will then devise a plan to minimize or eliminate that exposure.  We offer planning options for all stages of life, from retirees hoping to ensure a portion of their assets will pass to their children regardless of future health care costs, to someone who is already in a nursing home and rapidly depleting their life savings. It is never too late to try to preserve money!  Whether you are hoping to avoid paying for long-term care costs in the distant future or if you find yourself in a crisis situation where your spouse or parent goes to a nursing home, please schedule a consultation to learn how we can help you.   

 

Nursing home care costs are getting more and more expensive, especially as we live longer. There are several ways to protect your assets; Medicare asset protection trusts are one of the more inexpensive options. They transfer assets, such as your home or income, into a trust to protect it from Medicaid or any future creditors. If you want to learn more about Medicaid asset protection trusts, the professionals at Smith Vavonese LLP can help you.

At Smith Vavonese LLP, we would love to hear more about your goals and help you achieve them. Whether you want to save money in the long run or you simply want to rest easy knowing that an attorney will be there to help every step of the way, depend on us. Call us today to schedule a consultation.