Although Medicaid allows you to qualify for specific benefits (even if you own a home and have significant assets), there are downsides, such as 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. It is advisable to hire reliable legal counsel to guide you and ensure that you don't engage in any Medicaid planning tactics that could make you ineligible for benefits. At Martin Law, PC, we are ready to help you understand your options and plan for the future.
Ready to get started? Call us at (845) 764-8104 and speak with us confidentially.
As you get older, one important estate planning step you must take is to establish a Medicaid trust. 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 that you can:
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 Dutchess County Medicaid planning attorney will be happy to discuss the pros and cons with you.
Making decisions about trusts can be complex. Call us today at (845) 764-8104 to schedule a free case consultation with a proven attorney.