Medicaid Asset Protection
There are various forms of asset protection techniques, including the use of trusts and medicaid asset protection. In terms of “pure” asset protection planning, both domestic asset protection trusts (for example, Delaware Trusts, Alaska Trusts, South Dakota Trusts, etc.) and offshore asset protection trusts are available. In the Medicaid context, we use a variety of techniques, including the use of irrevocable trusts, for the preservation of assets in long-term care and incapacity planning. Irrevocable trusts provide a control mechanism and may provide tax benefits in situations where the transfer of assets is appropriate. Generally, the use of such a trust is part of a pre-crisis plan. “Medicaid” Wills, promissory notes, caregiver agreements, life estate deeds, and annuities, represent other available strategies for asset protection. In the crisis context (where no advance planning has been done), under the current law, in most cases it is possible to preserve approximately one-half (1/2) of all remaining assets. If you are interested in learning more about asset protection strategies, please contact our office to schedule an appointment.