For many seniors in Buffalo, retirement represents a time of life where they can finally enjoy the accomplishments of a lifetime of work and raising a family. But one thing people nearing retirement should consider is what happens to their legacy – the assets and wealth they intended to be left for their heirs – if one or both should require long term care beyond the terms of insurance.
One way to protect your estate is through careful Medicaid planning. This is the process by which your property is transferred into an irrevocable trust that leaves you with substantial rights to property like a home, but reduces your on-paper income and net worth to a level that makes you eligible for Medicaid benefits.
Medicaid in New York uses a five-year “look back” period to assess your eligibility, so beginning an effective Medicaid plan before you need it can help preserve your wealth and let you pass on your life’s work to the people you love, not the government or a nursing home.
The attorneys at Friedman & Ranzenhofer know how important it is to protect yourself and your loved ones in the event of unforeseen costs in your golden years. With proper Medicaid planning, you can retire in peace, knowing you and your family are protected. Call us today at 716-542-5444 for a free consultation with an experienced Buffalo Medicaid planning attorney today.