Spokane Medicaid Asset Protection Trusts Lawyers
The concept of asset protection often focuses on safeguarding your interests from creditors and bankruptcy, but it can also carry significant benefits with Medicaid planning. As individuals age, the need to address long-term care will become more prevalent. Traditional health insurance and Medicare do not cover these costs, but Medicaid may if you qualify. However, as a needs-based program, there are stringent eligibility rules for Medicaid. Many people can be disqualified for having wealth in excess of financial thresholds.
For some, a Medicaid asset protection trust might be a solution to the problem of being too rich. When you create a structure that meets legal requirements, you can safeguard property and gain benefits for your long-term care needs. Our team at Moulton Law Offices is well-versed in options to address eligibility, and we are dedicated to helping clients retain the wealth they have worked hard to build. Please contact us to set up a consultation today. A Spokane Medicaid asset protection trusts lawyer can provide personalized details, though an overview is useful.
Basics of Medicaid Asset Protection Trusts (MAPT): The function of these trusts is to change ownership of assets to the MAPT, so that Centers for Medicare and Medicaid Services (CMS) will not count them when assessing eligibility for Medicaid. Some facts about Medicaid asset protection trusts are helpful as a summary:
- The MAPT must be irrevocable, which means you cannot change the trust terms after creating it.
- You must also name someone other than yourself or your spouse as trustee to manage the Medicaid asset protection trust.
- Though you give up ownership and control over trust assets, you can still retain the right to receive income from the MAPT.
- You can incorporate estate planning options into a Medicaid asset protection trust, and it can continue upon your passing. You would name beneficiaries to receive income and principal according to the terms of the trust agreement.
- Assets placed in a qualifying MAPT are not subject to CMS estate recovery. Through this process, officials attempt to get reimbursement for the costs paid by Medicaid on your behalf.
Assistance with Medicaid Trusts: A MAPT is more complicated than other trusts, considering the strict rules to ensure it effectively protects assets. At Moulton Law Offices, we are prepared for the challenges and skilled at developing strategies that suit your needs. You can trust a Washington Medicaid planning attorney to:
- Analyze your income, assets, and other financial considerations that impact Medicaid eligibility;
- Provide personalized advice on creating a MAPT;
- Prepare all documents necessary for a valid Medicaid asset protection trust;
- Assist in funding the trust with appropriate assets; and,
- Coordinate your MAPT with other components of your estate plan.
Review Options with a Spokane Medicaid Asset Protection Trusts Lawyer
This summary is useful, but you can see that legal help is crucial to ensure you take advantage of the benefits of Medicaid asset protection trusts. For more information, please contact Moulton Law Offices to speak with a Washington Medicaid planning attorney. We can schedule a case analysis to discuss details and ways to achieve your goals.