Asset Protection And Medicaid In New Jersey

There has been an increase in the number cases claiming damages due to negligence

against medical practitioners, and the state of New Jersey is no different in this growing trend. The damages claimed involve huge sums of money. It is therefore in the best interests of the medical professionals such as doctors, surgeons and hospitals that they safeguard their assets in the likelihood of a case claiming damages is filed against them. For medical practitioners to do so, there must be some meticulous financial planning involved on their part. In order to safeguard their assets, they need to consult one of the many New Jersey Asset protection attorneys who can guide them on ways to safeguard their assets such as personal income, houses or cars during the course of the trial.

New Jersey Asset protection attorneys may suggest that the medical professionals seek a wealth management plan that can safeguard their assets and also fetch returns in the long-run and help them to save a significant amount of money, which can be used in the college education of their children. Furthermore, financial planning schemes are inexpensive, and also assist in streamlining the course of the financial plan. The laws in New Jersey do not permit exemption from income generated from the house. It therefore works to the advantage of the defense if the house is on mortgage since the opposite party will not show interest in a liability.

There have been significant changes in the Medicaid laws and it is in the interest of the residents of New Jersey that they contact a New Jersey Medicaid attorney to assist them in claiming the required aid under Medicaid. Instances of people gifting their children and grandchildren financial assets to take care of them may make the recipients to be ineligible for claims under Medicaid. The New Jersey Medicaid attorney needs to be thorough with the laws governing Medicaid, such the minimum eligibility to claim Medicaid. There are cases wherein the parent had left a significant amount of money for his children as gifts, and the children spent the amount in taking care of the aged parents. When there was further deterioration in the health of the parent and required to be admitted to a nursing home, he or she was refused Medicaid, citing that he was still in the ineligibility period. He would become eligible for Medicaid after the children returned the gift money they received from their parents.

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