If you have sufficient assets, a Medicaid Asset Protection Trust can be very useful for 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.
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The law office of elder law attorney Scott C. Painter, P.C., is located in Wyomissing (outside of Reading, PA, in Berks County,) and offers trusted legal services in the areas of elder law, including nursing home planning, trust and estate services, and veterans benefits. Scott C. Painter is a Certified Elder Law Attorney (CELA®), and he is also a member of the National Association of Elder Law Attorneys (NAELA).
If you have an issue or question, we encourage you to call us. With legal matters, time is of the essence. Call us for a consultation at 610-378-5140. The $300 consultation fee is waived if Attorney Painter is retained to perform services.