Outright transfers of property and life estates
Those are the things that we talked about earlier, like loss of control, inability to get money back, and if your kids die, your in-laws or your children’s spouses don’t end up with your assets and money.
The Medicaid Asset Protection Trust helps to mitigate all of the negative side effects of improper planning and instead –
• You can control the assets. • You can get the assets back if you want to by revoking the trust.
• You can change who’s in control. • You can change the beneficiaries. • You can have income. • You can maintain your right to live in the property.
Having an attorney who knows exactly how to draft provisions that accomplish these key things without making that trust ineligible for Medicaid purposes is key. Planning ahead is crucial because it provides you with options. As time goes on your options get more and more limited, and the percentage of your assets that we can save becomes less and less.
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