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For many people, the best choice for long-term care costs involves setting up a Pooled Income Trust. Open to people of any age, it allows them to become financially eligible for insurance programs such as Medicaid, while at the same time preserving their monthly income in a trust to cover living expenses and other needs. By taking advantage of this option, a person can obtain Medicaid home care services for their long-term care needs, while continuing to have the money available to support themselves while at home. A variety of people can greatly benefit from establishing a pooled income trust, including recipients of personal injury settlements, elderly people who are ill and living at home, younger people who have special needs, and people who are applying for or already receiving government benefits.<br>When a person has to move into a nursing home, they are required to divest themselves of their assets in order to pay for their care. However, by placing their assets into an Irrevocable Trust, the assets can be protected from high nursing home bills. However, itu2019s important to remember that this type of transfer must be done at least five years before a person goes into a nursing home.<br>While thinking about the difficulties one may face as they age is difficult, failing to do so can lead to financial problems that can devastate an entire family. Rather than allow this to happen, itu2019s best to contact a New York City Elder Law attorney as early as possible to make arrangements that will be satisfactory to everyone involved. By doing so, a family can gain peace of mind, knowing their financial and long-term care needs will be met.<br>
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Elder Lawyer Near Me Contact Address: 155 W 23rd St suite 550 Manhattan NY 10011 Phone: 646-630-8560 Website URL: http://www.morganlegalny.com About Us For many people, the best choice for long-term care costs involves setting up a Pooled Income Trust. Open to people of any age, it allows them to become financially eligible for insurance programs such as Medicaid, while at the same time preserving their monthly income in a trust to cover living expenses and other needs. By taking advantage of this option, a person can obtain Medicaid home care services for their long-term care needs, while continuing to have the money available to support themselves while at home. A variety of people can greatly benefit from establishing a pooled income trust, including recipients of personal injury settlements, elderly people who are ill and living at home, younger people who have special needs, and people who are applying for or already receiving government benefits. When a person has to move into a nursing home, they are required to divest themselves of their assets in order to pay for their care. However, by placing their assets into an Irrevocable Trust, the assets can be protected from high nursing home bills. However, it’s important to remember that this type of transfer must be done at least five years before a person goes into a nursing home. While thinking about the difficulties one may face as they age is difficult, failing to do so can lead to financial problems that can devastate an entire family. Rather than allow this to happen, it’s best to contact a New York City Elder Law attorney as early as possible to make arrangements that will be satisfactory to everyone involved. By doing so, a family can gain peace of mind, knowing their financial and long-term care needs will be met. Related Searches Lawyer| Law Firm| Attorney| General Practice Attorney| Estate Planning Lawyer| Will Preparation Lawyer| Family Lawyer| Elder Law Attorney| Guardianship Law Attorney| Elder Law Attorney| Probate Lawyer| Will Preparation Lawyer| Asset Management And Protection| Estate Planning Lawyer| Irrevocable Trust| Living Will Lawyer| Trust Law Attorney| Last Will And Testament Lawyer| Manhattan| New York City| NY. Additional Details Hours: 24Hours Payment Accepted: cash| all credit cards| check
