real estate agent gives house keys to his client after signing contract[/caption]
The high cost of nursing home care can quickly deplete a person’s life savings. Medicaid can pay for nursing home care, but if you have any assets (including a house) the federal government can put a huge lien on the home to cover the cost of nursing home care. With advance planning, however, it may be possible to preserve assets and pass them on to your children, without a lien.
At the Law Offices of Norman Mattar, we provide a complete range of Medicaid planning services, designed to preserve assets while enabling our clients to obtain Medicaid-funded nursing home care. Attorney Norman Mattar has years of experience helping people prepare for their golden years, and he will use his knowledge to develop the estate planning vehicles that can help you achieve your goals.
What is a life estate deed?
One of the tools we use for Medicaid planning is the Life Estate Deed. This simple and cost-effective instrument transfers ownership of a home to another party or parties (such as adult children), while allowing the elderly person and spouse to live in the home for the remainder of their lives. Because the home is owned by someone other than the potential nursing home resident, the Federal Government cannot take it to pay for nursing home care, by placing a huge lien on it.
Our law firm has other Estate Planning vehicles that can protect assets while still enabling someone to qualify for Medicaid-funded nursing home care. Let us put our experience and knowledge to work for you.
Need assistance with life estate deeds? Schedule a consultation now.
To learn more about the use of Life Estate Deeds in New York, call the Law Offices of Norman Mattar at 716-633-4300. We advise and represent people throughout the Buffalo area and Western New York.