Qualifying and applying for Medicaid is a complex and long procedure on its own. The threshold and other rules are often difficult to understand without a professional. As a result, people rely on second-hand information from other people, leading to a lot of misleading and outdated information being passed on.
On top of that, when estate planning in Long Island is added in the mix, things become even more confusing. This creates several myths about Medicaid planning, which can deter people from approaching the subject of setting up a Medicaid Trust in Long Island.
Here we bust some of the most common misconceptions about Medicaid planning.