ESTATE PLANNING
Medicaid Asset Protection Trusts
A Medicaid asset protection trust (or MAPT) is a species of irrevocable trust established to diminish the affects of the Medicaid asset limit to assist with qualifying for Medicaid.
In order to be eligible for Medicaid in NY, you must have limited assets. Medicaid asset protection trusts offer an alternative to exhausting all of your resources on medical care before being eligible for Medicaid benefits.
Once your assets are transferred to the trust, Medicaid does not consider them as your assets and therefor they do not disqualify you from Medicaid and are not available for seizure. Medicaid asset protection trusts are not subject to a look back period certain other transfers may be subject to. However, there are circumstances under which a Medicaid asset protection trust is not necessary to avoid the look back period.
If you would like more information about our trusts and estates practice, schedule an initial consult with us or call us today to speak with attorney.
