What are Medicaid Asset Protection Trusts?
Protecting Your Property
In the realm of elder law, the reality of a client losing most or all of his or her estate to long-term nursing care is an issue that should be addressed by effective
Medicaid asset protection planning, such as through a Medicaid asset protection trust. As with virtually any legal or financial matter, the earlier you address the situation the more likely you are to meet with success in reaching your particular goals.
Attorney Steven Melnik at our law firm can meet with you to discuss your concerns and your options in regard to protecting your assets through an irrevocable trust. Our legal team offers experienced legal counsel to clients throughout Manhattan, Brooklyn and all of New York City and the surrounding areas.
When you look at the rising cost of nursing home and assisted living care throughout New York along with increased life expectancies, it is easy to see why one's assets and property may be at risk if left unprotected. You may not qualify for Medicaid if you have too much money set aside for your retirement and therefore may be held responsible for paying for your own nursing home care, but there are ways to protect your estate. During the planning process, a lawyer from the Melnik Law Group, PLLC can talk to you about your particular goals and can work to develop a strategy that addresses these, such as a desire to preserve your assets, provide for your spouse or children, or protect your estate for charitable donations.
Take Proactive Steps to Prepare for the Future
A Medicaid asset protection trust will typically be an irrevocable trust that is protected from creditors, spending and divorce. A trust of this kind may be written to be flexible, but the particular approach will vary depending on what coincides with your wishes. There are many benefits that you may experience by setting up an irrevocable trust. Whatever you place in this trust will not be accessible for your long term care expenses. It is protected from creditors and will not be at risk due to overspending. It can provide you with designated income while protecting the majority of your assets in the event that you require long term care in a nursing home or assisted living facility. Find out more about your options in setting up a Medicaid asset protection trust. Contact the Melnik Law Group, PLLC today.