If a loved one has been turned down for long-term care insurance, or is unable to pay for the premium, the second best option is the Medicaid Asset Protection Trust (MAPT).
It is crucial that a Medicaid Asset Protection Trust be set up correctly. This will ensure the assets transferred to the trust are exempt from Medicaid’s asset limitation.
Incorrectly setting up a MAPT can cause a loved one to be ineligible for Medicaid. This defeats the purpose of creating the trust.
An Elder Law attorney can set up a Medicaid Asset Protection Trust and discuss other planning strategies to help lower one’s countable assets.
Ronald “Chip” Morrison, Jr. is a Board Certified Estate Planning Law Specialist as certified by the Louisiana Board of Legal Specialization. He is admitted to practice before all State courts in Louisiana. He is also admitted to practice before the United States District Court for the Eastern and Middle District of Louisiana.
Latest posts by Ronald "Chip" Morrison (see all)
- Estate Planning is Simple….Right? - February 7, 2023
- What Happens in My Initial Estate Planning Consultation? - February 2, 2023
- How to Leave a Mess to Your Heirs - January 30, 2023
