Yakima Medicaid Asset Protection Trusts Lawyers
There are two public health programs administered by the federal government, Medicare and Medicaid, and they each have their own intended purpose. However, the strict rules established by Centers for Medicare and Medicaid Services (CMS) can create a conundrum as you grow older. You may qualify for Medicare, but it does not cover long-term care. At the same time, your income and assets disqualify you from Medicaid, which does pay for these services. An effective, yet very complex solution to the dilemma is a Medicaid asset protection trust (MAPT), an option under Washington estate planning laws.
If you are looking for ways to protect your wealth through Medicaid planning, a MAPT might help you achieve your goals. At Moulton Law Offices, our team has the in-depth legal knowledge necessary to determine whether this option is suitable and beneficial to your interests. Please contact us to set up a consultation with a Yakima Medicaid asset protection trusts attorney. Some background information is also useful.
How Medicaid Asset Protection Trusts Work
The purpose of a MAPT is not to hide assets but to change their ownership, so that CMS does not count them toward eligibility when evaluating someone’s net worth. At the same time, you want to take advantage of the benefits of the assets you place in the trust.
A MAPT enables you to do both, but note the following points:
- The trust must be irrevocable to be considered a true change of ownership. This means you cannot alter it after creation.
- Neither you nor your spouse can act as trustee for a MAPT.
- As a beneficiary, you can still receive distributions of trust income and principal.
- This type of trust can extend to estate planning, since you can include terms to ensure it continues under the management of the trustee at your passing.
- By placing real estate and personal property in a MAPT, these assets are not subject to CMS estate recovery. This is the process by which officials try to seek reimbursement for what they expended for your Medicaid.
Advising You on Medicaid Trusts
A MAPT is more complex than other trusts, which is usually the case when you are dealing with the government and public benefits. It must be carefully drafted with provisions on irrevocability, and you need to understand how distributions affect continued Medicaid eligibility.
A Washington Medicaid planning attorney at Moulton Law Offices will assist with MAPTs by:
- Assessing income and assets;
- Counseling you on the provisions and language to create an effective Medicaid trust;
- Drafting all necessary documents;
- Helping you fund the trust by transferring assets; and,
- Ensuring the MAPT works with other estate planning.
Call Now to Speak to a Yakima Medicaid Asset Protection Trusts Attorney
An overview on MAPTs is helpful for understanding the basics, but you will need skilled legal representation to make sure you receive the benefits. To learn more about Medicaid asset protection trusts, please contact Moulton Law Offices to schedule a consultation. After reviewing your unique situation, a Washington Medicaid planning lawyer can provide additional information.
