Long Island asset protection attorney Seth Schlessel (https://www.schlessellaw.com/can-a-nursing-home-take-your-house-if-it-is-in-a-trust-in-new-york/) of Schlessel Law PLLC has recently published a comprehensive article addressing a critical concern for many families: “Can A Nursing Home Take Your House if it is in A Trust in New York?” This timely and informative piece sheds light on the complexities of nursing home claims on estates and the protective measures available through various types of trusts.
Long Island asset protection attorney Seth Schlessel emphasizes the importance of financial planning for those anticipating the need for long-term care. “The high cost of living in New York, combined with the significant expenses associated with nursing home care, can quickly deplete an individual’s life savings,” Schlessel explains. “Proper planning, including the use of trusts, can provide peace of mind and financial security for families.”
In the article, Schlessel outlines the factors contributing to the high costs of nursing home care in New York. He notes that the state’s stringent regulations and high standards for patient care, while essential for ensuring quality, also drive up expenses. “The demand for professional care, coupled with the state’s requirements for staff training and facility upkeep, makes nursing home care in New York particularly costly,” says the Long Island asset protection attorney.
Exploring the protective benefits of trusts, Schlessel details how irrevocable trusts, in particular, can shield assets from nursing home claims. “When assets are transferred into an irrevocable trust, they are no longer considered part of the individual’s estate,” Schlessel states. “This means that these assets are generally protected from being used to pay for nursing home care, provided the trust is established well in advance of any need for such care.”
The article also addresses the limitations and considerations of different types of trusts. While irrevocable trusts offer substantial protection, their inflexibility can be a drawback. Conversely, revocable trusts, which allow for modifications and revocations, do not offer the same level of asset protection from nursing home claims. Schlessel warns that assets in a revocable trust are still viewed as part of the individual’s estate and thus vulnerable to claims for covering care costs.
Schlessel underscores the importance of consulting with a knowledgeable attorney to navigate the complexities of Medicaid eligibility and trust establishment. “The question of whether a nursing home can take your house if it is in a trust is complex and multifaceted,” he notes. “An experienced asset protection attorney can help families understand the legal framework and develop a comprehensive strategy to safeguard their assets.”
For those seeking to protect their homes and other assets, understanding the type of trust and timing of its establishment is crucial. Schlessel points out that New York’s five-year Medicaid look-back period is a critical factor. “If a home is placed in an irrevocable trust within five years of applying for Medicaid, the transfer may be scrutinized, potentially making the home vulnerable to claims,” he explains.
Schlessel Law PLLC invites individuals and families to schedule a consultation to explore their options for asset protection and estate planning. By working with a Long Island asset protection attorney, families can make informed decisions to secure their financial future and protect their assets from potential nursing home claims.
About Schlessel Law PLLC:
Schlessel Law PLLC is a Long Island-based law firm dedicated to providing clients with comprehensive legal services in asset protection, estate planning, and elder law. Led by attorney Seth Schlessel, the firm is committed to helping individuals and families secure their financial futures through strategic planning and personalized legal counsel. For more information, visit Schlessel Law PLLC.
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Company Name: Schlessel Law PLLC
Contact Person: Seth Schlessel
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Phone: (516) 574-9630
Address:34 Willis Ave Suite 300
City: Mineola
State: New York 11501
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Website: http://www.schlessellaw.com/