Protecting Your Estate’s Real Estate Assets
A significant part of estate planning is planning for how you will be able to take care of yourself and your family as you age. How are you going to pay for the medical services you need? Where are you going to live? Will Medicaid be able to put a lien on your home to pay for services? For many people, their most valuable asset is their home. It is upsetting to think that after so many years of saving and paying off a mortgage, the government will be able to come in and take it all away.
Keep Your Real Property In Your Family
Long-term financial planning takes all these questions and concerns into account. For Medicaid to put a lien on your home, you must meet specific criteria. When it comes to your finances, and services you may qualify for, there are look back periods. For example, when you apply for Medicaid, any gifts or transfer of assets made within five years of the application date are subject to penalties.
To avoid the five-year look back penalties, you must begin your Medicaid and financial planning well before you are going to need to apply for services.
Protection From Medicaid Liens
As your home is a significant asset, you can do things to protect your investment and ensure that your home or the money from the sale of the home will stay in your family.
Trusts are a standard device to protect your home and assets, ensuring that you have a legacy to leave to your children and other heirs. In many cases, older couples or individuals decide that they no longer want a home’s responsibility, so they will sell their home and downsize to a smaller home or a condo or co-op or even move in with other family members.
Speak With An Experienced Attorney
Your real estate assets likely represent your most valuable assets. You cannot afford to settle when it comes time to choose an attorney to protect your estate. Call 631-840-6580 to schedule a consultation with our experienced New York estate planning lawyers. From our offices in Babylon and Garden City, we represent clients throughout Long Island, the Five Boroughs, Suffolk County and the surrounding areas.