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Elder Law Attorney
Brooklyn
NY
USA
Address
2899 Ocean Avenue, 2nd Floor, suite 4
Brooklyn
New York
11235
Brooklyn
New York
11235
Phone
About Elder Law Attorney |
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Category: Law Firm |
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For many people, the best choice for long-term care costs involves setting up a Pooled Income Trust. Open to people of any age, it allows them to become financially eligible for insurance programs such as Medicaid, while at the same time preserving their monthly income in a trust to cover living expenses and other needs. By taking advantage of this option, a person can obtain Medicaid home care services for their long-term care needs, while continuing to have the money available to support themselves while at home. A variety of people can greatly benefit from establishing a pooled income trust, including recipients of personal injury settlements, elderly people who are ill and living at home, younger people who have special needs, and people who are applying for or already receiving government benefits. When a person has to move into a nursing home, they are required to divest themselves of their assets in order to pay for their care. However, by placing their assets into an Irrevocable Trust, the assets can be protected from high nursing home bills. However, it’s important to remember that this type of transfer must be done at least five years before a person goes into a nursing home. While thinking about the difficulties one may face as they age is difficult, failing to do so can lead to financial problems that can devastate an entire family. Rather than allow this to happen, it’s best to contact a New York Elder Law attorney as early as possible to make arrangements that will be satisfactory to everyone involved. By doing so, a family can gain peace of mind, knowing their financial and long-term care needs will be met. |
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Abigailabbie
154 review(s)
Review of Elder Law Attorney written 21 Jan 2019
Fantastic experience working with this place all in all. Honest, upfront and understanding. What more could you ask for? I would and going to use this place in future again. Bundle of thanks morganlegalny.com
