CAI-NJ Nov. 2018 (w)

at home, in some states, such as Florida and New York, Medicaid offers long-term care services in the home, allowing spouses to remain together, and delaying the need for transition to a nursing home. It is well known that individuals who remain at home often times live longer and have a better quality of life. This type of ben- efit would have allowed Mike a little reprieve from the overwhelming cost of keeping Carol at home, as well as the significant burden of taking care of her 24 hours a day. However, qualifying for Medicaid isn’t so easy. According to the government, you have to be prac- tically destitute to receive these benefits, unless, of course, you properly plan. Utilizing an Irrevocable Medicaid Asset Protection Trust (MAPT) prepared by a Board Certified Elder Law Attorney is one such way to plan. When discussing an irrevocable trust, many become frightened by the word “irrevocable.” But in the situation where one may want to qualify for Medicaid in the future, irrevocable isn’t that horrible. Yes, it is true that once assets are transferred to an irrevocable trust, the assets are no longer yours, and now are subject to the terms of the trust. However, in some states, the Medicaid rules allow the settlor(s) (the ones who create and fund the trust), to be named the initial trustee(s), and be in control of the assets. Additionally, the settlor(s) can be the beneficiary of the income produced from the assets contained in the trust. The principal beneficiaries are normally children, other family members or very close friends, but ultimately, the trustee is the one who

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