Planning for Medicaid Eligibility with the use of Irrevocable Trusts
Description of the Presentation:
• Overview of Medicaid benefits
• The 2 prong test for Medicaid
• The 5 year look back period and how penalties are assessed
• Spenddown when in Crisis mode
• Preplanning for Medicaid with the use of trusts
• Long Term Care Insurance and its role in both crisis and pre-planning
About Our Speaker:
Rekha V. Rao is the founder and solo practitioner at the law firm of Rao Legal Group, LLC. She concentrates her practice in estate planning, elder law, guardianships, and special needs planning and can also guide families with probate and trust administration upon the death of a loved one. As an estate planning attorney, Rekha advises clients on how to effectively pass on their wealth and legacy to current & future generations by setting up plans that minimize estate taxes and/or provide asset protection; however, as an experienced elder law attorney, she also assist elderly clients by coordinating private and public resources to finance the cost of long-term care and more importantly, establish estate plans that do not jeopardize Medicaid eligibility in the long term. Rekha’s clients include multi-generational families, individuals, or married couples with diverse estate planning needs.
Rekha has a Bachelor's and a Master’s degree in English Literature from Bangalore University, India. She graduated cum laude from The Elisabeth Haub School of Law at Pace University (formerly called Pace University School of Law), from where she earned a J.D. She is licensed to practice law in both New Jersey and New York and has offices both in Princeton, NJ and Manhattan, NY. She has been an attorney for over 15 years and had worked for both large and small firms before opening her own practice in 2016. She is member of the New Jersey State Bar Association’s Real Property, Trusts & Estates Section as well as the Elder Law Section and is also a proud member of the Mercer County Estate Planning Council. She previously served on the Board of the South Asian Bar Association of New Jersey (SABA-NJ) and continues to be an active member of this organization. She serves on the Plainsboro Library Board of Trustees and the Advisory Board of Community Options, Inc.