Planning for the future is important, especially when it comes to protecting your money and home. Long-term care is expensive, and Medicaid helps cover costs. However, Medicaid has strict rules about how much money you can have. A Medicaid Asset Protection Trust (MAPT) helps you qualify for Medicaid without losing everything.
Table of Contents
- What Is a Medicaid Asset Protection Trust?
- Why Should You Set Up a Medicaid Asset Protection Trust?
- How Does a Medicaid Asset Protection Trust Work?
- What About a Transfer on the Death Deed?
- Why Choose Kirkland Law Firm?
- Common Questions About Medicaid Trusts
- Protect Your Future Today
What Is a Medicaid Asset Protection Trust?
A Medicaid Asset Protection Trust (MAPT) is a legal tool that protects your money, home, and other assets. It helps you qualify for Medicaid while keeping your property safe for your loved ones. When you create a MAPT, you transfer ownership of your assets to the trust. This means Medicaid will not count those assets when deciding if you qualify for benefits.
Why Should You Set Up a Medicaid Asset Protection Trust?
Many people need long-term care as they get older, but nursing homes and assisted living are expensive. Without a plan, Medicaid might require you to use your savings before it helps. A MAPT lets you:
- Keep Your Home and Savings Safe – Medicaid won’t count them when deciding if you qualify.
- Avoid Probate – Your family can inherit assets faster, without court delays.
- Stay in Control – You choose someone to manage the trust, making sure your wishes are followed.
How Does a Medicaid Asset Protection Trust Work?
A MAPT must be created at least five years before you need Medicaid. Medicaid looks at your finances for the past five years before approving benefits. This is called the five-year look-back period. If you transfer assets into a MAPT too late, Medicaid might still count them. That’s why early planning is important.
What About a Transfer on the Death Deed?
A Transfer on Death (TOD) deed form is another estate planning tool. It lets you name someone to inherit your home automatically after you pass away. This avoids probate but does not protect the home from Medicaid. A MAPT offers stronger protection for your assets.
Why Choose Kirkland Law Firm?
Planning for the future can feel confusing, but we make it simple. At Kirkland Law Firm, we specialize in estate planning, Medicaid, and elder law. Here’s why families trust us:
✔ Over 30 Years of Experience – We know estate law inside and out.
✔ Personalized Attention – We focus on your specific needs.
✔ Compassionate & Honest Advice – We care about your future.
✔ Clear & Simple Communication – No confusing legal talk.
✔ Flexible Payment Plans – We work with your budget.
Common Questions About Medicaid Trusts
1. Can I take money out of a Medicaid Asset Protection Trust?
No, once you put assets into the trust, you can’t take them back. But the trust can provide income for your needs.
2. Does a MAPT protect my home?
Yes! If you transfer the deed of the house after death using a MAPT, Medicaid can’t claim it.
3. What happens if I need Medicaid before five years?
Medicaid may count your assets and make you wait before you qualify. That’s why early planning is important.
4. What’s better: a MAPT or a Transfer on Death deed?
A MAPT protects assets from Medicaid, while a TOD deed only avoids probate. If you need Medicaid, a MAPT is better.
5. How do I start setting up a trust?
Contact a Marietta trusts and wills lawyer to discuss your options. At Kirkland Law Firm, we’ll help you make the best plan for your future.
Protect Your Future Today!
Don’t wait until it’s too late to plan for long-term care. A Medicaid Asset Protection Trust helps you keep your assets safe and qualify for Medicaid. Our experienced team is ready to help. Call Kirkland Law Firm today to start protecting what matters most!