As you get older, one important Estate Planning step that you must take is to establish a Medicaid Trust. This is an effective and proven tool used by individuals like yourself. There are many different factors to consider and include when you are planning for the inevitable. It is very important that you have retained reliable legal counsel to guide and advise you. Establishing a Medicaid Trust can provide you with benefits during your life and after death. At Martin Law, PC, we serve clients throughout the Hudson Valley.
Although Medicaid allows you to qualify for specific benefits (even if you own a home and have significant assets), there are downsides, like if you are admitted to a nursing home or need long-term care. Planning for Medicaid is a very important part of protecting your assets in the future.
A Medicaid Trust involves an Irrevocable Trust where you will list a Trustee of your choice. This Trustee will manage your home and other assets. As per your request, the Trustee will distribute assets how and when you want.
A few benefits of having a properly drafted Medicaid trust include the following:
After death, your assets will be distributed as you have listed in the Trust. You have the right to make changes to the Trust while you are still alive if any circumstances should change. If you are unsure whether this Trust is right for you and your situation, our Hudson Valley Estate Planning attorney will be happy to discuss the pros and cons with you.
Making decisions about trusts can be complex and should be handled by a competent lawyer. Call us today at 845.764.8104 to make an appointment for a free case consultation.