RI Medicaid Planning Attorney Jay Bianco
Do you want to plan for a secure future? You have worked hard all your life to accumulate assets and want to make sure they are passed down to the ones you love. A Medicaid Planning Attorney in Rhode Island can help you secure your legacy.
What is Medicaid Planning?
As we age, our health deteriorates. Many people eventually need long-term care such as a nursing home. Medicaid will not pay for long-term care until your entire savings is depleted. Medicaid Planning is the reallocation of funds to enable you to get Medicaid without depleting your estate.
A Medicaid Planning Attorney in Rhode Island has many strategies to utilize including:
- Reallocation to Trusts: If you plan early enough, money can get reallocated into trusts.
- Long-term Care Insurance: If you are eligible for long-term care insurance this can be an excellent option. The main benefit of long-term care insurance is the flexibility in care. Medicaid will only pay for certain long-term care facilities whereas insurance usually lets you pick the facility you want or even hire a home health aide.
- Private Annuity: A Medicaid Planning Attorney in Rhode Island can help you set up a private annuity to create cash flow and protect some of your assets.
- Hire a Family Member: If you hire a family member to Rhode Island services such as cleaning or cooking, the wages you pay her will be secure.
Why do I need Medicaid Planning?
Long-term care is very costly. Nursing homes can cost $40,000 to $180,00 per year. If your estate is paying for long-term care, think about how quickly your entire savings will disappear.
When should I begin Medicaid Planning?
You should contact a Medicaid Planning Attorney in Rhode Island as soon as possible. The quicker you take action, the more options you will have available to you. The Deficit Reduction Act increased the Medicaid “look-back period” to five years. The look-back period is the length of time the government can look for assets purposely moved out of your name.
If you reallocated a significant amount of money during the look-back period, you would face a “punishment period” during which you will not be eligible for Medicaid. A Medicaid Planning Attorney in Rhode Island will figure out which strategies will best protect your assets.
Attorney Jay Bianco
Jay has over 15 years of experience and focuses his practice in elder law and estate planning. His goal is to help Rhode Island families plan for a secure future. If you need a Medicaid Planning Attorney in Rhode Island, give our office a call at 401-206-0098.