Long Island Medicaid planning attorney Seth Schlessel (https://www.schlessellaw.com/what-is-medicaids-estate-recovery-program/) of Schlessel Law PLLC has published an article highlighting the intricacies of Medicaid’s Estate Recovery Program. The informative piece sheds light on the implications of Medicaid coverage for long-term care and the potential impact on beneficiaries’ estates. It is a must-read for anyone navigating the complexities of Medicaid planning and seeking to understand how to protect their assets for future generations.
The article by the Long Island Medicaid planning attorney provides a deep dive into what constitutes an individual’s estate and the conditions under which Medicaid can recover costs. Schlessel explains that while Medicaid is a lifeline for covering medical expenses, it’s important to be aware of the program’s ability to recoup those payments after the individual’s passing by claiming assets from one’s estate.
The Long Island Medicaid planning attorney emphasizes that the key to avoiding pitfalls associated with the estate recovery program is proactive Medicaid planning. “Engaging in early estate planning, well before the need to apply for Medicaid arises, is essential,” says Schlessel. He points out that there are various measures individuals can take to protect parts of their estate, but these must be implemented with foresight, given Medicaid’s five-year look-back period.
Seth Schlessel further clarifies that while Medicaid is need-based, the primary residence of a Medicaid beneficiary does not count as an asset during the application process if certain family members reside there. However, the state is poised to recover funds from the estate, especially considering the high median house prices in New York and, more notably, on Long Island.
Schlessel’s article also outlines the specifics of the Medicaid Clawback, also known as the Medicaid Estate Recovery Program (MERP). This process allows states to recover Medicaid funds spent on long-term care services after a beneficiary’s death. The Long Island Medicaid planning attorney highlights the importance of understanding the clawback to ensure that beneficiaries’ estates are managed according to their wishes upon passing.
Furthermore, the article touches on the various exemptions and limitations of New York Medicaid estate recovery, stressing that while some assets are exempt, others may be subject to claim by the state, which has been empowered by federal changes to pursue a broader range of assets within an individual’s estate.
To safeguard against the financial repercussions of Medicaid’s estate recovery, Seth Schlessel advises individuals to seek professional assistance. “Having an attorney to guide individuals through the Medicaid application process can be invaluable,” states Schlessel. He notes that legal counsel can facilitate qualification for programs that may exempt beneficiaries from estate recovery.
Those interested in learning more about Medicaid’s estate recovery and how to navigate the planning process are encouraged to read the full article released by Seth Schlessel.
About Schlessel Law PLLC:
Schlessel Law PLLC, led by attorney Seth Schlessel, is a law firm located on Long Island, New York, dedicated to providing comprehensive legal services in Medicaid planning and elder law. The firm prides itself on helping clients understand the complexities of Medicaid eligibility, estate recovery, and asset protection. With a focus on long-term care planning and estate preservation, Schlessel Law PLLC strives to aid families in making informed decisions that align with their financial and personal goals, while ensuring compliance with current laws and regulations.
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