Establishing an Irrevocable Medicaid Asset Protection Trust
As you get older, one important Estate Planning step that you must consider is to create a Medicaid Asset Protection Trust. This type of Trust will protect assets. There are many factors to consider when you are creating an Estate Plan. It is very important that you have retained reliable legal counsel to guide and advise you.
A Medicaid Asset Protection Trust is an Irrevocable Trust. The person creating the Trust is known as the Grantor. You, the Grantor, will name the Trustee and the Beneficiaries of your Trust. You will provide the Trustee direction how they are to manage the Trust. You will control the Trustee.
Creating a Medicaid Asset Protection Trust will protect your assets. Your family will benefit from this Trust. At Martin Law, PC, we serve clients throughout the Hudson Valley.
A few benefits of having a properly drafted Medicaid trust include the following:
- You can remain in your home while you are alive
- You can keep existing property tax relief (STAR program, etc.)
- You may be eligible for capital gains tax exclusion
- You can change Beneficiaries
- You can manage Trustees
- Your assets will be protected
After your 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. You can change the beneficiaries. To determine if this Trust is right for you and your family, please contact our office.
Michael Martin, your Hudson Valley Estate Planning attorney will be happy to discuss the pros and cons with you. Contact us for a consultation.
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