WHAT IS A MEDICAID ASSET PROTECTION TRUST?
A Medicaid Asset Protection Trust (aka MAPT) is an irrevocable trust where the assets of the Medicaid applicant are placed into the Trust.
WHAT IS THE PURPOSE OF A MEDICAID ASSET PROTECTION TRUST?
A Medicaid Trust accomplishes the following:
- The assets placed into the Trust do not count as the individual’s assets for purposes of Medicaid eligibility (subject to the 5 year look-back period, as described below).
- The assets placed into the Trust are not subject to a Medicaid Lien after the death of the Medicaid recipient.
HOW MUCH IS A MEDICAID ASSET PROTECTION TRUST?
The Levin Law Group charges a flat fee of $3,000.00 for the creation of a Medicaid Trust.
IS THE MEDICAID ASSET PROTECTION TRUST THE SAME AS THE POOLED INCOME TRUST?
No. Medicaid eligibility has two financial requirements. The first requirement is that the assets of the Medicaid applicant not exceed a certain monetary limit (the limit changes from time to time). The Medicaid Asset Protection Trust assists with this first requirement. The second requirement is that the income of the Medicaid application be under a certain amount every month (the amount changes from time to time). The Pooled Income Trust assists with this second requirement.
WHAT IS THE 5 YEAR LOOK-BACK PERIOD?
There are two medicaid programs: Community Medicaid and Chronic Medicaid. Chronic Medicaid covers nursing home care; Community Medicaid does not. The 5 year look-back period applies to Chronic Medicaid only. The look-back period provides that if, during the past 5 years from the date of the medicaid application, there have been any transfer of assets from the Medicaid applicant, he or she will be ineligible for Medicaid for a period of time calculated using a complicated calculation based on the value of the assets transferred.
ALL OF OUR MEDICAID SERVICES
- Medicaid Planning
- Medicaid Asset Protection Trust ($3,000)
- Pooled Income Trust ($1,000)
- Apply for Medicaid ($3,000)
- Medicaid Package ($5,000)
- Medicaid Spousal Refusal Letter ($500)
Feel free to to contact us today for a free consultation.
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