A Medicaid Asset Protection Trust (MAPT) is a legal tool that can be used to protect your assets while still allowing you to qualify for Medicaid benefits. Medicaid is a government program that helps people with low income and few assets pay for their medical care. However, in order to qualify for Medicaid, you must meet str
ict income and asset requirements. If you have assets that exceed these requirements, you may be required to spend them down before you can qualify for Medicaid.
This is where a MAPT can help. By transferring your assets into the trust, you can protect them from being counted as part of your assets for Medicaid purposes. The assets in the trust can still be used for your benefit, but they will not be considered when determining your eligibility for Medicaid.
A MAPT can also protect your assets from being seized to pay for long-term care costs. If you require long-term care in a nursing home, Medicaid may cover the cost, but only after you have spent down your assets. By setting up a MAPT, you can protect your assets from being used to pay for long-term care costs, allowing you to pass them on to your loved ones.
Setting up a MAPT can be a complex legal process, so it is important to work with an experienced attorney who specializes in estate planning and elder law. With the right legal guidance, you can protect your assets and qualify for Medicaid when you need it.