Fair Lawn Medicaid Planning Attorney Helps Families Meet Their Healthcare Needs

New Jersey firm develops strategies to maintain long-term care eligibility

At The Paton Law Firm LLC in Fair Lawn, I develop Medicaid asset protection trusts and other legal methods of helping seniors and families to obtain the Medicaid benefits they need without sacrificing their personal assets.

What is Medicaid planning?

Medicaid is a program jointly financed by the federal government and participating states, such as New Jersey, to pay for the healthcare needs of people who lack the assets to do so themselves. This means that Medicaid plays a critical role in helping seniors who require nursing home or in-home care, especially in New Jersey, where nursing home care can cost hundreds of dollars a day. Through sound Medicaid planning, you can maintain access to the assets you’ve accumulated throughout life while maintaining Medicaid eligibility.

Understanding Medicaid eligibility requirements

New Jersey Medicaid eligibility depends on a number of factors, including the age and health issues of the person seeking coverage, the size of their family, and their family’s income and assets. You might not qualify for Medicaid, or might only receive partial benefits, if your family’s income and assets exceed the applicable limits. Furthermore, you might not qualify if you gave away assets or sold them at below their fair market value during the five-year “look-back period” before you apply for Medicaid. However, if you act soon enough before you seek benefits, my firm can help you meet the Medicaid standards without giving up use of your assets.

Medicaid Asset Protection Trusts 

A Medicaid Asset Protection Trust (MAPT) holds your assets while allowing you to qualify for Medicaid benefits. Assets that would exceed New Jersey’s Medicaid eligibility limits are transferred into the MAPT. An MAPT must be irrevocable, meaning you can’t undo or change it, and must be managed by a trustee who is neither you nor your spouse, because Medicaid will continue to consider trust assets as yours if you retain any control over them. You must also establish the trust before the five-year look-back period begins. Among the assets you may transfer into an MAPT are real estate, savings and investments. I can explain how an MAPT functions and help you set one up, if appropriate.

Key Medicaid planning strategies for seniors

In addition to transferring assets into a MAPT, there are other potential Medicaid planning strategies you may want to consider. For instance, some of your assets, such as your primary residence (up to a certain value), household goods and one car, are not included within Medicaid eligibility valuations. You can therefore protect yourself by purchasing exempt property at fair market value. If you’re a married couple, you can adopt spousal protections to ensure that the healthy spouse retains sufficient resources without sacrificing Medicaid benefits for spouse who needs them. However, it’s important to start Medicaid planning early to maximize its benefits. I’m ready to help you when you’re ready.

How The Paton Law Firm assists with Medicaid planning

As an elder law attorney, I’m experienced in creating Medicaid planning strategies customized for each of my clients who need them, and I regularly help seniors navigate the complex rules of Medicaid so they can protect their assets and access long-term care. My knowledge of this system will help you avoid costly mistakes and ensure compliance with relevant regulations.

Contact a North Jersey lawyer for a free consultation about Medicaid planning

The Paton Law Firm LLC assists New Jersey clients with Medicaid planning and other matters related to asset protection and long-term care. Please call 201-470-4801 or contact me online to schedule a free initial consultation at my Fair Lawn office.