If you have sufficient assets, a Medicaid Asset Protection Trust can be very useful in protecting your assets from your long-term care or nursing home expenses.
If assets are placed in a properly drafted Medicaid Asset Protection Trust, and you do not apply for Medicaid benefits to pay for your care for 5 years after that time, the assets within the Trust will not be subject to your long-term care expenses. This can be a very useful tool in estate planning, but the Trust must be properly drafted. It is very important to consult with an experienced elder law attorney from the start to set up a Medicaid Asset Protection Trust, as setting up such a trust can be a complex issue.
If you need legal assistance in managing an estate, trust or other elder law issue, the Law Office of Scott C. Painter can help. We specialize in elder law issues ranging from nursing home planning, guardianship, wills, trusts, estates, veteran’s benefits, and other related legal matters. A call to us is free, and the best advice is to act now to educate yourself and your options. Waiting to seek legal counsel may limit your options and be costly. Call now for your free consultation 610-378-5140 or visit https://painterelderlawpc.com/ for more information.