Protect your assets and remain eligible for Medicaid.
If you want to qualify for Medicaid, there is a limit to the value of the assets you can own. I often recommend Medicaid Asset Protection Trusts (MAPTs) as a solution for protecting assets from Medicaid at my firm, as these trusts protect certain assets from being counted for the program’s eligibility purposes.
With a MAPT, the trust will often enable those who are initially considered ineligible for Medicaid to become eligible and receive the care they need, whether this is at a nursing home or an assisted living facility. By protecting assets from Medicaid, these assets are no longer considered to be owned by you when transferred to the trust. Another benefit of MAPTs is that you can protect your assets to pass them down to your children or other relatives.
Note that when it comes to protecting assets from Medicaid, not all types of trusts are Medicaid compliant. For example, family trusts are different than MAPTs, and if you have assets included in one of these trusts, you may have to “spend them down” to comply with the asset limit set forth by Medicaid.
When you turn to my firm – James M. Snow Law — I can help you with the process of protecting assets from Medicaid from the initial stages to the point where you finalize the trust. I serve the Greensboro, North Carolina area, and I am happy to help you navigate the legal requirements associated with qualifying for Medicaid. To schedule a consultation, please reach out to my firm directly today.