What is a Medicaid trust?
A Medicaid trust is a form of Medicaid asset protection that allows you to pay for your healthcare without giving up your assets. To protect your assets, you’ll place them in a trust that only you have access to. You’ll be able to continue using your assets as before, but they’ll technically be owned by the trust instead of you. As a result, your assets won’t be in your name anymore.
Since your assets aren’t in your name, the government can’t tell you that you don’t qualify for Medicaid because you have too many financial assets. You’ll be able to apply for Medicaid and start paying for your assisted living care without having to sell off your house or lose your investments. It’s the perfect way to enjoy your retirement years without making sacrifices.
Should you hire an attorney to help you set up a trust?
When you’re dealing with financial assets, one mistake could cost you dearly. And when you’re nearing retirement age, you don’t have time to recoup major losses. An attorney could help you set up a trust and manage other aspects of estate planning without making any costly mistakes. This could help you plan ahead for medical expenses, assisted living care, life-ending decisions, and other scenarios.