Medicaid Asset Protection Trust Attorney in Manhattan

Medicaid Asset Protection Trusts

Medical care can be expensive as you get older, and Medicaid can provide vital assistance that you need. However, Medicaid can come with costs, especially if you need long-term care. That’s where a Medicaid asset protection trust can help. A trust can help you protect your home and assets, while enabling you to qualify for Medicaid benefits.

At Chaves Perlowitz Luftig LLP, we help clients protect their homes and assets through careful estate planning and knowledgeable advice. Our Manhattan Medicaid asset protection trust lawyers have decades of experience working with estate planning tools such as trusts, and we’re ready to deliver smart solutions that work for you. Whether you need help setting up a Medicaid asset protection trust or need in-depth estate planning services, our team is here for you.

For a free consultation, call us or contact us online today. From major planning to minor questions, and everything in-between, we’re here to help.

What Is a Medicaid Asset Protection Trust?

A Medicaid asset protection trust is a legal tool you can use to protect your home and assets, while helping you qualify for Medicaid. To qualify for Medicaid and its benefits, you typically need to have limited assets and income. This means that you may not qualify for Medicaid if your home, assets, and income exceed the government’s limits. But by planning ahead with a Medicaid asset protection trust, you can shield your home and assets from Medicaid bills and liens while getting key healthcare benefits.

When some people need to qualify for Medicaid, they may try to give away assets or spend down to meet government requirements. But these techniques can create major problems. Transfers, including giving your home to a trusted family member such as an adult child, can be problematic if life has other plans. Unexpected events such as divorces, job losses, and debts can endanger the assets you want to protect.

Medicaid will also likely look at your financial history when you apply for the program. The time they’re allowed to assess is known as a look-back period, and it depends upon the type of services you’re applying for. Give away assets or spend down during those look-back periods and Medicaid may use those transfers to deny coverage.

Through planning ahead with a Medicaid asset protection trust, you could hold on to your home and assets, protect yourself from unexpected life events, and qualify for Medicaid. If you have questions about Medicaid asset protection trusts in Manhattan, speak with an attorney today. Our Medicaid asset protection trust attorneys can explain how a trust might work for you.

Benefits of a Medicaid Asset Protection Trust

These trusts can provide you with a wide range of benefits, including:

  • You can retain exclusive rights to use your home and other property held in the trust.
  • You can receive income from the trust. If you earn income from your assets, such as money or a rental property, those assets can still generate income for you.
  • Trusts can put your assets out of reach for Medicaid. Medicaid may seek reimbursement for the cost of your care, but a trust can help you keep your assets where you want them.
  • These trusts can also safeguard your home and assets in the future as part of your estate. The trust can pass on any property or assets to beneficiaries without allowing Medicaid to get to them.
  • Unlike normal transfers, a trust can safeguard your assets from beneficiaries’ debts. If you transfer assets directly to someone, then those assets will be subject to debts that person holds.
  • Medicaid asset protection trusts enable you to make key decisions, such as who oversees and manages the trust.
  • There may be important tax benefits, such as property tax exemptions and effects on your income for Medicaid purposes.

Is a Medicaid Asset Protection Trust Right for You?

There are many factors for you to consider when determining whether a Medicaid asset protection trust is right for you. One of the biggest questions is whether you’re comfortable giving up some control of assets that you care about. When they go into a trust, you’ll receive protection from Medicaid claims, but you may not have direct control over them.

Another common question for people considering a Medicaid asset protection trust is whether you’re facing health problems and you may need Medicaid sooner rather than later. If you think you’ll need Medicaid benefits soon, an NYC Medicaid asset protection trust lawyer can help you understand your options and advise you on whether a trust is right for you.

One final question is whether your assets and your needs fit with a trust. Depending upon the nature of your assets, your goals, and your needs, other types of planning could be a better fit. By talking with a Manhattan Medicaid attorney, you can understand your options and find a plan that works for you.

Medicaid Asset Protection Trust as Part of an Estate Plan in Manhattan

A trust can be an important part of an estate plan, but there are many other parts you should have in place, such as:

  • A last will and testament with any pour-over language to handle assets that aren’t in a trust
  • Power of attorney for someone you trust to make legal and financial decisions
  • A healthcare proxy describing your healthcare wishes and who gets to make choices about your care in case you’re incapacitated

Talk to a Medicaid Asset Protection Trust Lawyer in Manhattan Now

If you need to set up a Medicaid asset protection trust or need assistance with any other part of estate planning, contact Chaves Perlowitz Luftig LLP today. Our experienced team can help you plan for your next move and beyond by talking through what estate planning options could work best for you. Whether you need to create a Medicaid asset protection trust in New York, or need us to handle any other part of estate planning, we’re here for you.

Let our knowledgeable Manhattan Medicaid attorneys provide the smart solutions you deserve. For a free consultation, call us or contact us online today.

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