Nuts & Bolts of Medicaid Asset Protection Trusts in New York
Created on June 05, 2018
The substantial cost of long-term care can rapidly deplete the assets of even middle-class and upper-class families. The Medicaid program can cover or contribute to the cost of long-term care for individuals in need of care who meet the financial eligibility requirements. Individuals with assets that render them ineligible for Medicaid can engage in asset protection planning to qualify for Medicaid benefits, while also preserving assets for their family. The Medicaid Asset Protection Trust ("MAPT") is a crucial planning tool to assist individuals and their family members in protecting assets, and is commonly used to protect the family home and other assets.
Lissett Ferreira, Esq., and Tamara Stack, Esq., cover the essentials of understanding MAPTs in New York, and how to effectively utilize them to maintain an individual's eligibility for government benefits.
- Examine the eligibility requirements for Medicaid long-term care benefits
- Identify clients who may benefit from a Medicaid Asset Protection Trust ("MAPT")
- Become familiar with the basic legal requirements for MAPTs to be effective to preserve an individual's eligibility for government benefits
- Develop best practices and pitfalls to avoid when using MAPTs as a Medicaid planning tool
- Explore the mechanics of how to establish and administer the MAPT
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