Real Estate is a Significant Part of Estate Planning
A significant part of estate planning is planning for how you will be able to take care of yourself and your family as you age. How are you going to pay for the medical services you need? Where are you going to live? Will Medicaid be able to put a lien on my home to pay for services? For many people, their most valuable asset is their home. It is upsetting to think that after so many years of saving and paying off a mortgage, the government will be able to come in and take it all away.
We Help Ensure Your Family Legacy Keeping Money and Assets in the Family
Long-term financial planning takes all these questions and concerns into account. For Medicaid to put a lien on your home, you must meet specific criteria. When it comes to your finances, and services you may qualify for, there are look back periods. For example, when you apply for Medicaid, any gifts or transfer of assets made within five years of the application date are subject to penalties.
To avoid the five-year look back penalties, you must begin your Medicaid and Financial planning well before you are going to need to apply for services.
Protect Your Real Estate Investment from Medicaid Liens
As your home is a significant asset, you can do things to protect your investment and ensure that your home or the money from the sale of the home will stay in your family.
Trusts are a standard device to protect your home and assets, ensuring that you have a legacy to leave to your children and other heirs. In many cases, older couples or individuals decide that they no longer want a home’s responsibility, so they will sell their home and downsize to a smaller home or a condo or coop or even move in with other family members.
Call the Law Offices of Nicole Zuvich to Learn How Owning Real Estate Will Affect Your Long-Term Financial Planning
At the Law Offices of Nicole Zuvich, we assist you in buying and selling real estate.
We work with buyers and sellers to draft contracts, resolve issues of title, and assist with the transfer of ownership.
When it comes to planning for the future, you must look at all of your assets, including real estate, whether it is your primary residence, an investment home, a rental property or a vacation home. Call the Law Offices of Nicole Zuvich at 516-880-9988 to discuss how the real estate you own can be protected or how your property may affect the services you receive.