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.