White Plains Pooled Income Trusts Lawyer
Medicaid Planning for Individuals 65 and Over and People with Special Needs
Medicaid Planning for Individuals 65 and Over and People with Special Needs
It can be an overwhelming responsibility helping an elderly relative or a loved one with a physical or mental disability handle their affairs, especially their financial obligations. You want the best for your loved ones and don’t want to put them in a position where they’re struggling or lose access to some of their benefits. One such benefit that can be difficult to manage is Medicaid.
Medicaid is a form of health coverage that is available for elderly individuals, people with disabilities, children, low-income adults, and women who are pregnant. Medicaid is jointly administered by the federal government and the states.
If you have a relative who is 65 years old or older, or who is an adult with a mental or physical disability, and they receive Medicaid or are Medicaid eligible, it may benefit them to join a pooled income trust. Pooled income trusts can help those collecting Medicaid divert excess income into a trust. This prevents them from being forced to spenddown their excess income or resources immediately and unnecessarily to avoid being disqualified from receiving Medicaid because of their surplus income or resources.
At Natasha Meruelo, Attorney at Law, we are uniquely qualified to successfully guide clients through the process of determining if a pooled income trust is right for them, and if so, helping them sign up for a pooled income trust. Our pooled income trust attorney has over 10 years of experience helping clients with legal issues involving their finances and assets, including estate & will planning as well as special needs planning.
Attorney Meruelo’s top priority is, and always has been, helping people solve overwhelming legal problems (specifically issues involving their finances and providing for their loved ones) and secure the best possible outcome for their present and future.
For more information about the benefits of pooled income trusts, or to speak with our experienced pooled income trust lawyer about your situation, give us a call at (914) 752-5098 or reach out to us online today to set up an initial consultation.
“Natasha Meruelo is professional, knowledgable and a solid attorney. She made sure I was well informed, prepared, and empowered throughout the court process. Having her support was invaluable. I am so grateful I followed my intuition and chose her to represent me. I highly recommend her!”
What Is a Pooled Income Trust?
To qualify for Medicaid in New York, individuals must meet certain income and resource requirements. As a result, if their income or resources exceed a certain amount, they won’t be able to qualify for Medicaid. For example, in 2021, if an individual in New York was on Medicaid, that person’s income could not exceed $884 a month, and the person’s resources could not exceed $15,900. Therefore, in 2021, if a person on Medicaid’s income exceeded $884 monthly, or their resources rose above $15,900, that person would have to spend down the excess income or surplus resources to continue to qualify for Medicaid in New York.
While this may not seem like a problem, there are only certain items that people can purchase when they are spending down their income/resources to qualify for Medicaid. For instance, when individuals are trying to spenddown their surplus income/resources, they can’t use it to pay for food, rent, phone bills, clothes, or other essentials. They can use it to pay for medical expenses. Also, they must provide receipts for what they spent the surplus income/resources on to continue to qualify for Medicaid.
What Are the Benefits of Pooled Income Trusts?
Pooled income trusts have a wide range of benefits. With a pooled income trust, those collecting Medicaid can divert their excess income and resources into the trust instead of losing their Medicaid eligibility or being forced to spend it unnecessarily. That way, instead of being forced to immediately spenddown their surplus resources and income, they can save it and spend it when they want to on items including but not limited to the following:
- Groceries
- Medical treatments that aren’t covered by government benefits
- Utility bills
- Cellphone bills
- Real estate taxes
- Living expenses
- Travel expenses
- Clothing
- Home repair and maintenance
Learn More About Pooled Income Trusts Today!
Natasha Meruelo, Attorney at Law has been helping clients successfully protect relatives with disabilities and take care of elderly loved ones for over a decade. Attorney Meruelo can examine your situation, explain your options, and guide you through the process of securing the best possible outcome for your loved one’s present and future.
For more information about Natasha Meruelo, Attorney at Law, and the variety of ways we have successfully helped our clients, read our testimonials.
If you want to learn more about how a pooled income trust could help you or a loved one, give us a call at (914) 752-5098 or contact us online today to schedule a consultation with our experienced pooled income trust attorney.
Learn More About Pooled Income Trusts Today!
Natasha Meruelo, Attorney at Law has been helping clients successfully protect relatives with disabilities and take care of elderly loved ones for over a decade. Attorney Meruelo can examine your situation, explain your options, and guide you through the process of securing the best possible outcome for your loved one’s present and future.
For more information about Natasha Meruelo, Attorney at Law, and the variety of ways we have successfully helped our clients, read our testimonials.
If you want to learn more about how a pooled income trust could help you or a loved one, give us a call at (914) 752-5098 or contact us online today to schedule a consultation with our experienced pooled income trust attorney.
Contact Natasha Meruelo, Attorney at Law
