Medicaid is a life-changing program that allows low-income individuals to get the care they need. With healthcare costs being so high, it's a necessity. Medicaid can also make getting elderly care more manageable, ensuring that people can live comfortably regardless of age.
Despite all the good that comes with Medicaid, there are also many limitations. The most well-known are income restrictions. If you make too much, you won't qualify for the program. But that's only one piece of the puzzle.
Medicaid also considers your assets. Big-ticket assets like your home, vehicle and furnishings don't apply. But what if you have valuable heirlooms and other substantial assets? Those assets aren't bringing you income, but they can severely limit your qualification for Medicaid.
An asset protection lawyer can help you keep those assets while participating in Medicaid programs.
About Asset Protection
Asset protection is nothing new. In estate planning, lawyers use trusts to protect your most valuable items from litigation. Lawsuits can arise anytime, and losing those battles can make you vulnerable. A legal trust is like a protective shield, removing those assets from your direct ownership and into LLCs, corporations and more.
You still own those assets. But in the eyes of the law, you don't. Therefore, you can't lose them if you experience a lawsuit.
Medicaid asset protection works under the same principles.
When you work with an asset protection lawyer, you find ways to remove assets from your estate. Doing so ensures that their value does not impact your Medicaid qualifications. It's a way to keep your most prized possessions safe while getting the life-changing care you need to live comfortably.
No one should have to sell precious items to qualify for health and elderly care. Those assets don't represent your income, so why force yourself to sell? With an asset protection trust, lawyers can create strategies to hold those valuables elsewhere. You can keep them, pass them down to beneficiaries after your death and more.
There are many trust options available. Speak to a lawyer and see what's right for you.
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