Expert Medicaid Trusts Attorneys in PA

If you want to prevent your assets from being used to pay for long-term care, you should seek help from an experienced trust estate planning attorney who has experience with setting up Medicaid trusts. This is much less expensive than purchasing long-term care insurance and it offers significant protection.

What is a Medicaid Trust?

An irrevocable Medicaid trust can help you to meet Medicaid’s asset limit if you have excess assets. It protects your assets from being counted when your eligibility for Medicaid is being assessed. Medicaid trusts allow people who would otherwise be ineligible for Medicaid to become entitled to these benefits. When you are ready to apply for Medicaid, the assets in the trust will not be considered part of your wealth. Medicaid trusts asset protection also protects your family.

How a Medicaid Trust Works

Medicaid trusts are designed for people who need to plan carefully to meet the healthcare and long-term care needs as they get older. Since the trust is irrevocable, you can’t make changes or access the principal amount after you create the trust. However, you can use income generated from the trust for your living expenses. 

Considerations for Creating a Medicaid Trust

There are several things you need to consider when thinking about whether to set up Medicaid trusts asset protection. For example, you must think about whether there’s an individual whom you can rely on to manage your irrevocable Medicaid trust. That person will be in charge of the assets that will fund your care in later life so you need to choose carefully. You also need to consider whether you believe you have five or more years left before you will need long-term care. Another consideration is whether you can survive off the income from the trust as well as the Medicaid income eligibility guidelines in the period before you enter long term care. An experienced Medicaid trusts lawyer can help you to make the right decision.

Set Up an Irrevocable Medicaid Trust Through the Miller Law Firm, P.C.

Attorney Steven Miller helps individuals to protect their assets as they get older. He gets to know them well so he can assist them in developing the best plans for their needs.

The Miller Law Firm, P.C. has offices in Lebanon, PA, King of Prussia, PA, and also serves clients in:

• Lancaster, PA 
• Reading, PA 

Contact the firm today!

References for more information:

United States Code - Prospective payment for home health services

Medicaid.gov