CAI-NJ Nov. 2018 (w)

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as, leave a legacy to family upon death, without the need for probate. After 5 years, any asset that was trans- ferred into this trust is no longer count- able when qualifying for Medicaid. Assets maintained in the trust can be disbursed to the principal beneficia- ries, who in turn, can use those assets

for the betterment of the settlor’s care. This is significant because, as we know, government benefits are not going to pay for everything that you or your spouse will ultimately need. An MAPT is a perfect plan for those who wish to protect assets, yet still benefit from the income produced by those assets, and eventually qualify for Medicaid benefits, when necessary. What happened to Mike and Carol can happen to anyone. Don’t be the one who says…I will never place my loved one in a nursing home. Because, just like Mike learned, no one knows what the future holds or what decisions will need to be made. However, being prepared is the best way to have peace of mind and the best defense against potentially outliving your money due to the significant cost of long-term care. n Endnotes: 1 See 60 Minutes Episode – For Better or For Worse, the story of Mike and Carol Daly 2 Medicaid is a federally funded program, but state run, so each state has its own Medicaid programs. CAI-NJ and the Editorial Committee are always looking for new articles to publish in Community Trends. ® If you are interested in submitting an article for possible inclusion in Community Trends ® , please contact Jaclyn Oskierko at 609-588-0030 or jaclyn@cainj.org. View the guidelines for submitting an article at: www.cainj.org/community-trends Write for Community Trends ®

makes the decision to disburse any asset to these beneficiaries. As such, the settlor maintains significant control over his/her assets. Also, the settlor can name successor trustees, as well

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