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- Medicaid Asset Preservation Trusts – In New Jersey, Medicaid has a five-year look-back period. If transfers or gifts are found within the five year period preceding your Medicaid application, Medicaid will apply a penalty to your application. However, if you have sufficient funds to pay for your care through the five-year look-back period, or if you do not immediately need long term care, then you may be able to preserve a large portion of your assets for your loved ones by transferring assets to a Medicaid Asset Preservation Trust. Our firm will provide you with guidance regarding preserving assets in a way that will not interfere with your ability to qualify for Medicaid in the future.
- Medicaid Compliant Annuity – In New Jersey, tax-deferred accounts, whether they are titled in the Medicaid applicant's name or the Community Spouse's name, are considered an available asset and will be subject to the Medicaid spend-down requirements. Income, however, belongs to the individual. A Medicaid Compliant Annuity converts an asset into an income stream for the individual. Our office will advise you whether a Medicaid Compliant Annuity would benefit your asset preservation plan.
- Guardianship: If your loved one is no longer able to manage his or her affairs and he or she does not have a Power of Attorney and Health Care Agent, you may want to consider pursuing a Guardianship to assist your loved one with their medical and financial needs. Our firm will guide you through the court guardian application and guardian qualification process so you can best provide for your loved ones medical and financial needs.