Medicaid and Long Term Care Planning - MS Estate Planning

To help protect your assets in the event of a potential long-term health care crisis, you might consider including as part of your overall estate plan, an irrevocable trust that, for the sake of this discussion, we'll call a "Medicaid asset protection trust" (MAPT). ?A MAPT is a particular type of irrevocable trust, used because revocable trusts are not effective asset protection vehicles. ?As discussed in earlier chapters, since the Trustmaker of a revocable trust has access to the assets, under Medicaid rules the assets are deemed "available" to the Trustmaker and must be "spent down" before the Trustmaker becomes eligible for Medicaid coverage.

However, assets that are transferred to a properly structured MAPT will be deemed transferred as of the date the assets are titled in the name of the MAPT. ?This transfer will "start the clock running" on the five year Medicaid "look back" period.

Excerpt from The Complete Guide to Estate and Financial Planning in Turbulent Times (Collaborative Press, 2011) - Walt Dallas, Contributing Author

Click here to register for our eNewsletter.

For more information on Madison and Jackson MS Wills Trusts and other Estate Planning please visit our website.

For a Video on Health Care Directive please visit our website.

?

Source: http://blog.estateplanning123.com/2013/01/medicaid-and-long-term-care-planning-how-can-proactive-medicaid-planning-protect-my-assets-pt-3.html

Electoral College chuck pagano A Gay Lesbian daylight savings time 2012 Where To Vote james harden breeders cup