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.
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