Fishkill Medicaid Trust Planning Lawyer

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 Fishkill.

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 Fishkill Estate Planning attorney will be happy to discuss the pros and cons with you. Contact us for a consultation.

Fishkill Medicaid Trust Planning Lawyer – FAQ

1. What is a Medicaid Asset Protection Trust?
A Medicaid Asset Protection Trust (MAPT) is an irrevocable trust designed to protect your assets from being counted when determining Medicaid eligibility. This type of trust allows you to preserve your wealth for your beneficiaries while still qualifying for Medicaid benefits to cover long-term care costs.

2. How does a Medicaid Asset Protection Trust protect my assets?
Once assets are placed in a Medicaid Asset Protection Trust, they are no longer considered part of your estate for Medicaid purposes. This helps protect your home and other assets from being used to pay for nursing home or long-term care expenses, ensuring your beneficiaries receive their inheritance.

3. Can I continue to live in my home after placing it in a Medicaid Trust?
Yes, you can continue to live in your home even after transferring it to a Medicaid Asset Protection Trust. The trust allows you to retain the right to use and enjoy your home during your lifetime while protecting it from being counted as an asset for Medicaid eligibility.

4. What are the tax benefits of a Medicaid Asset Protection Trust?
A properly drafted Medicaid Asset Protection Trust can help you retain property tax relief benefits, such as the STAR program, and may also qualify you for capital gains tax exclusions. These tax benefits can result in significant savings for you and your estate.

5. Can I change the beneficiaries or trustees of my Medicaid Trust?
Yes, even though the Medicaid Asset Protection Trust is irrevocable, you retain the right to change the beneficiaries and trustees. This flexibility allows you to adjust the trust if circumstances change, ensuring it continues to align with your estate planning goals.

Michael Martin, your Fishkill Estate Planning attorney will be happy to discuss the pros and cons with you. Contact us for a consultation.