“What Are Medicaid Asset Protection Trusts?, ElderLawAnswers
“Medicaid Asset Protection Trusts offer several benefits to individuals planning to apply for Medicaid:
- MAPTs preserve generational wealth, safeguarding assets for family members.
- After you pass away, the state cannot take your assets from your beneficiaries to reimburse them for your long-term care, as MAPTs avoid probate.
- Since nursing home fees can be exorbitant, MAPTs can save your family money, as they let you qualify for Medicaid once the lookback period has ended.
The drawbacks of MAPTs include the following:
- Once you establish a MAPT, you forfeit the control and use of your assets. If you need money, you will not be able to draw from the trust.
- The fees associated with preparing a MAPT can be costly, ranging from $2,000 to $12,000.”
LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:
What are Medicaid Asset Protection Trusts? An easy way for a few thousand dollars in attorney’s fees to ensure you’ll inherit your parents’ wealth by qualifying them for a welfare-financed nursing home.
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