How to Avoid Medicaid’s 5-Year Lookback Period - Seth Schlessel

BSPE Legal Marketing Podcast

From Schlessel Law PLLC - In this episode, we explore the key points from the article How to Avoid Medicaid’s 5-Year Lookback Period. Understanding Medicaid's 5-Year Lookback Period is essential for anyone planning for long-term care or considering Medicaid benefits. The lookback period refers to the review of financial transactions made within five years of a Medicaid application to ensure no assets were transferred for less than market value. Violating these rules can lead to penalties such as a penalty period or delays in eligibility, making careful asset management crucial.
We discuss the various strategies that can help applicants avoid penalties related to Medicaid's 5-Year Lookback Period. These include setting up irrevocable trusts, which allow individuals to protect assets while still meeting Medicaid eligibility requirements. Properly structured annuities can also play a role by converting assets into income streams that are not counted against Medicaid limits. The timing of asset transfers is another critical factor, as transfers must be made well in advance of applying for long-term care benefits to avoid triggering penalties.
In Nassau County, the legal landscape for Medicaid planning requires an in-depth understanding of how to manage assets and prepare for future healthcare needs. This episode emphasizes the importance of working with a Medicaid planning attorney to navigate the rules, set up the right tools such as pooled income trusts or special needs trusts, and ensure that all financial actions comply with New York regulations. Schlessel Law PLLC offers guidance tailored to the specific needs of Nassau County residents, helping to minimize the risks of Medicaid penalties.
By following the advice outlined in How to Avoid Medicaid’s 5-Year Lookback Period, families can better secure their financial and healthcare futures. At Schlessel Law PLLC, we assist individuals in creating a spend down strategy that complies with Medicaid rules and protects their assets. Contact us at [phone] to schedule a consultation and learn more about how we can help you plan for your long-term care without jeopardizing your Medicaid benefits.
Schlessel Law PLLC
34 Willis Ave Suite 300, Mineola, NY 11501, United States
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