Manhasset Elder Law Attorney
Elder Law & Medicaid Planning Lawyers Serving Manhasset
Manhasset is a lovely hamlet located on the North Shore of Long Island in Nassau County. It is an unincorporated village in the Town of North Hempstead. As of the 2010 census, 8,080 people reside in the town covering 2.38 square miles.
Manhasset is home to North Shore Community Hospital and boasts several beautiful and high end shopping experiences such as the Americana Manhasset open air shopping center. It has easy accessibility, with access to major highways and convenient Long Island Railroad station with a less than 40 minute trip to Penn Station in New York City.
Manhasset is the home to numerous private schools while also serving its residents with an excellent public school education.
In 2005, a Wall Street Journal article rated Manhasset as the best town in the New York metropolitan area to raise a family. It has also been rated by Niche in 2021 as the #3 best place to retire in New York.
One issue that retiring Manhasset residents face is the high cost of long term care.
By having appropriate planning in place, Manhasset residents can help their families prepare for the financial toll of long term care costs, the emotional toll of dealing with a loved ones’ illness or decline and protect assets for future generations.
Long-term care such as home health aides, assisted living, or nursing home care, can be very expensive. On Long Island, the estimated annual cost of round the clock care at home or nursing home care can exceed $150,000 a year. It is common that people pay for this exorbitant expense by spending down their hard-earned money until they run out, at which point they need to seek government funding, such as Medicaid, to continue to pay for their high cost of care.
Informed Manhasset residents know that with proper advance planning, they would not have to first spend down their assets to access Medicaid benefits to pay for their care. With proper planning, they can preserve their assets AND access Medicaid benefits to pay the high costs of home health care, assisted living costs, and nursing home costs.
How can you protect your assets while still accessing Medicaid long term care benefits?
There are several techniques used to protect assets. The most common strategy is setting up an irrevocable trust that would allow you to shelter your assets while still receiving any income generated. If you do choose to receive income, it will be budgeted for Medicaid purposes, so often people choose not to receive income from their Medicaid asset protection trust.
Our Values, Your Peace of Mind The Principles That Define Our Firm
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Compassionate, Relationship-Driven Service
We believe every client deserves to be treated with dignity, patience, and genuine care. Our firm fosters long-term relationships, guiding families with warmth and empathy through emotionally sensitive matters like elder care, estate planning, and loss.
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Clear, Respectful Communication
We prioritize honest, prompt, and respectful communication. Whether answering questions or guiding you through complex decisions, we're responsive, dependable, and committed to making the process as smooth and stress-free as possible.
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Serving with Integrity and Excellence
We hold ourselves to the highest standards of ethical practice and professional excellence. Clients can count on us not just for our legal knowledge, skill and experience, but for honesty, transparency, and unwavering advocacy on their behalf.
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Tailored Legal Guidance for Every Client
No two clients are the same. We take the time to truly understand each client’s concerns, goals, and values, crafting customized legal solutions that reflect what matters most to them.
Do I have to fund the trust with all my assets?
Absolutely not. You can fund your trust with only some assets, gaining peace of mind that you have preserved a legacy in the event you need future long term care, while still leaving out of trust a comfortable amount of assets for your use and enjoyment while not on Medicaid benefits. Just understand that whatever you leave out of trust may need to be spent down if you need care in the future.
Even if you or your family have not done advance planning, there still may be some planning options to preserve assets and ensure that you or your loved ones are getting the care they need. Advance planning is best, but even in the eleventh hour it is worth seeking the advice of a knowledgeable elder law attorney to review all of your options.
Call us today to begin the process of planning for your long term care needs.