Medicaid Asset Protection Trusts are a powerful planning tool that preserve assets and can enable applicants to qualify for Medicaid. However, it’s important to understand the rules of the trust; for instance, which assets can go in and which assets stay out, and the critical timing involved in these transfers. Here are some do’s and don’ts to follow that will give you the maximum value for your Medicaid Asset Protection Trust.
The opportunity to make proper use of the present $11,700,000 Federal Gift Tax exemption, and the opportunity to fund and sell to Grantor Trusts, form and fund Grantor Retained Annuity Trusts, fund Qualified Personal Residence Trusts and other planning techniques, may be gone in a matter of days.Read more
Federal law requires the state to attempt to recover the long-term care benefits from a Medicaid recipient’s estate after the individual’s death. Medicaid applicants and those considering Medicaid for long-term care benefits should be aware that if steps aren’t taken to protect the individual’s home before he or she applies for Medicaid, the home may need to be sold to settle a Medicaid claim upon the individual’s death.Read more