Three New Jersey Medicaid Mistakes Worth Avoiding

March 16, 2021

What seems like a minor mistake in the application process can turn out to be a big issue down the road. Partnering with a New Jersey Medicaid planning attorney early on gives you the best possible opportunity to protect your interests. NJ-medicaid-qualification

Mistake #1: Assuming that Medicare Will Pay for Your Bills

Medicare does not cover the vast majority of long term care expenses, meaning that your personal savings can be decimated quickly or your spouse is forced to sell assets to pay for the necessary health care. Without the proper planning you could be exposed to risks.

Mistake #2: Thinking that It’s Too Late to Do Any Planning

It is always beneficial to do planning well in advance but you should still consult with an experienced Medicaid lawyer if a loved one has recently entered a facility or is on the cusp of doing so. There may still be legal planning opportunities available to you.

Mistake #3: Gifting Assets Too Early or Too Late

Don’t risk your financial security by transferring everything else to your children. This can also cause difficult health care, tax and Medicaid eligibility issues. Make sure that you have an awareness of the five year lookback and penalty period before obtaining public benefits eligibility. Proper planning can help you avoid the vast majority of these problems and put you in a good position to be able to leverage New Jersey Medicaid benefits as soon as possible.

 


Practice Areas:



Schedule your free Exploratory phone call

Click here to see how we
can be of assistance.

Careers/Open Positions

Explore all available job
listings and become a part of an amazing team.

Payment Portal
for Tax and Accounting invoice

This link offers a secure, quick way to complete your payment with Omni360 Advisors LLC.

Our Social Media

Connect with us on Social Media using the following buttons:

Visit our Podcasts

Listen in, Join the Conversation!

Recent Posts

Strategic Business Exit Planning: Why It Pays to Plan Ahead

Explore how proactive business exit planning, including tax and estate strategies, can support a smoother transition and protect long-term wealth for entrepreneurs and family business owners. Why Business Exit Planning Deserves a Seat at ...

<p>The post Strategic Business Exit Planning: Why It Pays to Plan Ahead first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

Concentrated Stock: A Hidden Risk for High Achievers

Equity awards can build wealth but also concentrate risk. Learn how high earners can protect long-term goals through strategic planning. The Silent Risk in Your Portfolio: Concentrated Stock For many corporate executives and high-performing professionals, equity ...

<p>The post Concentrated Stock: A Hidden Risk for High Achievers first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

Can High Earners Benefit from the New Senior Tax Deduction?

The One Big Beautiful Bill Act introduces a senior tax deduction for those 65+. Learn how high earners can use charitable giving strategies like QCDs to qualify and reduce taxes. The New Senior Tax Deduction: What You Need to ...

<p>The post Can High Earners Benefit from the New Senior Tax Deduction? first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>