A Medicaid Asset Protection Trust is a special trust that is created to protect assets from being factored in when Medicaid is calculating an individual’s assets in order to determine whether he or she qualifies for Medicaid benefits. Often, Medicaid will require a person to liquidate their assets to pay for medical care, such as nursing home facilities or home care, before they will be eligible for Medicaid. This can leave elderly individuals and couples financially destitute at a time when they are most vulnerable, and it will also leave nothing for their children upon their passing.

A Medicaid Asset Protection Trust, however, can be used when an individual or a married couple has assets that they want to keep and that they want to be sure are given to their children when they die. The trust will keep their assets safe until then. However, there are some consequences of a Medicaid Asset Protection Trust, including:

• The assets become unavailable to the individual or the couple and the trust cannot be revoked 
• Medicaid may require a certain time period in between the transfer of assets to a Medicaid Asset Protection Trust and eligibility for Medicaid benefits

A Medicaid Asset Protection Trust is not the right choice for everyone, but it may be the right choice for you and your family. Contact Grogan & Souto, P.C. today to determine if this type of trust can ensure that your assets will be protected. (845) 294-6155.