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Medicaid Asset Protection

Want to know how to qualify for Medicaid while still living off your assets and not losing control over them? Do you want to avoid wasting money on spend down schedules or elaborate gifting plans and worry about having to consider divorce? We have helped hundreds of families protect their assets from Medicaid. The rising cost of medical care make the Death-Tax and home seizures the new estate tax. Avoid losing the control and benefit of of your assets and being forced to rely on others to “do the right thing”. Your last years, and your life’s work, are too important to entrust with others. Our Irrevocable Medicaid Trusts can save you from all this.

The numbers are clear. Those living to 65 have over a 50% chance of requiring long-term care. Do you have long-term care insurance? Don’t feel worry, most people don’t. Long-term care is expensive, with an prices ranging from $7,500 to $10,000 per month. Further, the average person spends 2.5 years in a nursing home, and 8.5 if they have Alzheimer’s. This means the average person will spend $250,000 to over $1,000,000 dollars on long term care.

A Medicaid Asset Protection Trust will allow you to qualify for Medicaid, while living off the income of your assets, and still enable you to add and remove beneficiaries at your discretion.

Our Medicaid Planning Services

You have two options for forming a Medicaid Trust. You may simply purchase the required forms from us or you may retain our attorney to assist you. We offer these two levels of service because we recognize not everyone wants the same thing. What does each package include?

  1. Irrevocable Medicaid Trust Forms $995 – This package includes every form required to form a Medicaid Trust. There will be an instruction sheet along with a list of companies which can assist you with funding your Medicaid Trust.
  2. Irrevocable Medicaid Trust $2995 – This package includes attorney time to discuss your family and its unique situation. We will hold several meetings with you. We will also include A/B Trusts and Q-TIP trusts if needed. This represents a total care package.

What’s The Process?

Option A:

  1. Complete the contact form at the bottom of this page.
  2. We will mail you a link to your client portal.
  3. Submit your payment.
  4. Within twenty four hours all your irrevocable medicaid trust forms will be uploaded and ready to use.
  5. Your documents will always remain here so you never have to fear losing them.

Your portal comes with a secure messaging center. This center allows you to contact us if you ever have any questions. All correspondences and documents are protected by attorney-client privilege and bank-grade encryption. Please feel free to contact us at anytime.

Option B:

  1. Complete the contact form at the bottom of this page.
  2. One of our specialists will contact you to schedule an appointment with our attorney.
  3. Have as many meetings as necessary to understand your family’s situation.
  4. Draft your medicaid trust documents.
  5. Upload to your portal where your documents will always be securely stored.
  6. Unlimited revisions and changes to beneficiaries.

Final Remarks

It’s easy to feel overwhelmed at this point, but don’t stress. We have designed a simplified process which will ensure you qualify for Medicaid, enjoy the benefits of your assets and aren’t forced to give things away BEFORE you want to. Don’t allow the term irrevocable to frighten you. You may change your beneficiaries any time you wish. Those purchasing just the forms can make changes any time they want. Those opting for the package with attorney time are allowed unlimited revisions.

To summarize, our plans enable you to live off the interest/income of your assets and change the beneficiaries at your discretion. You may also stay in your home and pass on your assets as you wish. The only thing required is proper planning. The look back period for Medicaid transfers is five years. This means you should begin your Medicaid planning sooner rather than later. Again, you can make changes later on and so should be more concerned about getting started rather than making sure everything is perfect before beginning.

Our Medicaid Asset Protection Trusts (MAPT), aka Income Only Irrevocable Trust (IOIT), can prevent unnecessary expenditures and ensure you leave something for your children. Read the summaries below and feel free to click the links for more detailed information.

Further Reading

MEDICAID ESTATE DEATH TAX

While many fixate on the Federal Estate Tax, another pernicious death tax goes unmentioned by lawmakers. The federally mandated “Medicaid Estate Recovery” program requires states recover long-term care costs paid by Medicaid. Put frankly, if you require assistance in meeting your care needs, the Government will demand your home or farm when you die.

Tactics for Avoiding Medicaid Clawbacks
Some transfers do not create a period of ineligibility for Medicaid. There are general exemptions that apply to any transfer, and other exemptions that apply only to the transfer of a residence.  Covered will be personal care contracts, deeding a home, life estate deeds and more.

IRREVOCABLE INTEREST ONLY TRUST (“IOTT”) TAX ASPECTS
Here we cover capital gains exclusion of principal residence, interest mortgage deduction, gift tax, medicaid transfer, and a step-up in basis. We also cover why you should structure the IIOT as a grantor trust to avoid the detrimental tax aspects of trust tax.

Consider a Special Needs Trust or look into the differences between ILIT vs FLP for life insurance. We also have some small pages on probate, revocable living trusts, medicaid qualification strategies and living wills.

Conclusion and Warnings
There are additional techniques that may be appropriate depending on your circumstances.  You should not attempt this by yourself. There is a good chance you will make one small error, atleast, and the courts will not care it was an error. Hiring professional help for your Irrevocable Medicaid Trust is a small price to pay.

We have some literature and examples of Medicaid Spend Down here and a little bit more about Medicare Trust fund and Medicaid Estate Planning.