Asset Protection Trusts

 

How Can I Protect My Assets From Medicaid and Still Maintain Control?

Do you want to protect your hard-earned life savings and your home from Medicaid, without giving up all control?

An asset protection trust is a good option in many cases. This kind of trust can help you qualify for Medicaid while protecting your home or your life savings. An asset protection trust can make sense for someone who may need long term care in the future, doesn’t have long term care insurance, and cannot afford to privately pay for care.

What Exactly is an Asset Protection Trust?

An asset protection trust is an irrevocable trust used to protect assets from a nursing home and Medicaid in asset protection planning. It’s sometimes called a Medicaid trust. Typically, the income from the trust will go to you. If you want to protect assets and still be able to pay for your living expenses, this kind of trust can do the job. Sometimes, the home is placed into this trust and you are able to live in your home and never have to worry about losing it due to a catastrophic illness.

To summarize:
· An asset protection trust can protect your home,
· An asset protection trust can protect your other real estate,
· An asset protection trust can protect your liquid assets,
· AND, an asset protection trust can help you access Medicaid for home care, or if you ever need nursing home care in the future.

Asset Protection Strategies - What if I Need the Assets Back?

When implementing asset protection strategies, there is always a tug of war between giving up control of assets and having control of your money. Assets can be protected while still providing current income and support in the future for emergency needs.

As your Family’s Peace of Mind Law Firm, we can help you with asset protection planning. Our job includes helping you find the comfort zone, between protecting assets from Medicaid, while keeping control to the extent possible for you. There are a number of trust provisions that can give you control without affecting your asset protection planning. We can help you navigate these decisions. We can tell you what hundreds of other people like you have done, give you advice based on your own wishes, and discuss the likely future impact of your decisions. Let our experience provide you with peace of mind.

Call the law firm of Vincent J. Russo & Associates, P.C. at 516-683-1717 for a complimentary telephone review and assessment to see whether meeting with an experienced elder law attorney to discuss asset protection planning can help you.

 

© Copyright 2008 Vincent J. Russo & Associates, P.C. All rights reserved.