Elder Lawyer Near Me
Manhattan, NY 10011
(646) 630-8560
http://www.morganlegalny.com
24h
cash, all credit cards, check
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 City 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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