A Medicaid asset preservation trust is an example of a technique that elder law practitioners might put into effect (MAPT). If the trust is established prior to the expiration of the look book period, the penalty period for giving assets is avoided, and the trust safeguards the assets of non-Medicaid spouses to guarantee that they are able to support themselves.
Preserve Your Wealth While Making Provisions For Incapacity Using the services of an Elder Law Medicaid Planning Attorney, you may construct Estate Planning paperwork that will assist you secure your assets and fortune so that you can leave a legacy to your children and grandchildren.
How can I protect assets from Medicaid estate recovery?
One alternative for individuals who have the luxury of time is to establish a ‘Family Asset Protection Trust,’ which is also known as a ‘Medicaid Five Year Trust,’ in order to shield assets from Medicaid estate recovery.
Can a Medicaid asset protection trust be used for assets less than $100k?
Because of the high fees connected with the establishment of a Medicaid Asset Protection Trust ($2,000 – $12,000), they are normally not utilized for assets valued at less than $100,000. Other options are available to families that need to lower their assets in order to qualify for Medicaid benefits in amounts less than $100,000.