Many families are procrastinating with long-term care planning, whether it is through neglect or being hopeful that nothing bad will happen anytime soon, until it’s too late. Once a nursing home is involved, the costs can be extraordinary, and they can drain your life savings quickly. Obtaining Medicaid planning from a Northeast Philadelphia or Bucks County, PA is vital, and it is key to act quickly and timely to qualify a person for Medicaid. At LM Attorney, we assist clients in establishing customized Medicaid asset protection trusts in order to protect assets and obtain long-term care benefits.
What is a Medicaid Asset Protection Trust?
A Medicaid asset protection trust (MAPT) is a unique form of irrevocable trust, which allows you to transfer ownership of your assets – whether it is your home or savings – and not have them count against you when applying for Medicaid long-term care coverage.
MAPT also provides legal protection and more control over the assets than if you gifted them outright to children or family. The trust holds the assets but allows you to live in the home or receive income from certain investments.
Why Is This Important?
There are strict financial eligibility standards for Medicaid. If you have too many assets, you will either be denied coverage for your nursing home or assisted living care or you will have to “spend down” your assets first.
A Medicaid asset protection trust in Bucks County, PA allows you to do the following:
- Protect your home from Medicaid estate recovery in Pennsylvania
- Preserve assets for your spouse, children, or other heirs
- Avoid needless spend down of retirement savings
- Qualify for Medicaid without having to surrender all of your property
- Plan for your future long-term care needs
Timing is crucial. Medicaid has a five-year “look-back” period. In other words, any assets transferred into the trust must be transferred at least five (5) years prior to applying for benefits in order to avoid penalties.
LM Attorney: Guiding You Through Medicaid Planning
At LM Attorney we understand that every family is unique. As a reputable Medicaid planning attorney in Northeast Philadelphia and Bucks County, we will help you navigate confusing Medicaid rules and create a plan that will protect your future.
Our legal services include:
- Drafting and funding Medicaid asset protection trusts
- Reviewing your finances and assets
- Working collaboratively with elder care providers and financial advisors
- Helping you avoid any mistakes in the Medicaid application process that could cost you money
Don’t Wait—Start Planning Now
The act of Medicaid planning is not only for the elderly—it’s beneficial for anyone wanting to protect their legacy. With the right instruments, such as a Medicaid asset protection trust, you can protect what you have worked for and still receive the care you need.
Contact LM Attorney to speak with a competent Medicaid planning attorney in Bucks County, PA or Northeast Philadelphia, and begin your journey to a more secure future.
