Elder Law: Medicaid Asset Protection Trust Series. Many of our clients want to guard against losing large portions of or even their entire estate to the costs of long term nursing care. They recognize that the ever rising cost of nursing care coupled with increased life expectancies could result in significant expenditure of estate assets. Clients cite the desire to preserve assets, protect a spouse and pass an inheritance to their children as overriding rationale for Medicaid Asset Protection Planning (MAPP). As many know, the sooner you start planning, the greater the likelihood you will be able to protect significant assets.
During the planning process, we will typically suggest using one of the irrevocable trusts in our Medicaid Asset Protection Trust Series. The trusts can be written to be flexible but, unlike outright gifts, the gifts made to the irrevocable trust will be protected from the creditors, spending habits and divorce of the future beneficiaries. Please read this information on the use of the Medicaid Irrevocable Trust by a fellow elder law attorney in Virginia. The Pennsylvania Medicaid laws will apply in much the same way, but I thought it would be good for you to see that other attorneys in other states are employing similar strategies.
Please feel free to contact Douglas L. Kaune, Esq. to discuss your particular Medicaid Asset Protection, Nursing Home or Elder law case to determine the appropriate planning for you and your family.
