Norcross Medicaid Asset Protection Trust Lawyer
Secure Your Future and Access to Long-Term Care
A Medicaid Asset Protection Trust (MAPT) is an essential estate planning tool designed to help individuals protect their assets while qualifying for Medicaid benefits. Medicaid has strict income and asset limits, and without proper planning, individuals may have to spend down their life savings before receiving assistance for long-term care. At Bowman Law Firm, our Norcross Medicaid asset protection trust lawyer helps clients in Gwinnett County establish MAPTs to preserve their wealth and ensure they receive the care they need without financial hardship.
What Is a Medicaid Asset Protection Trust?
A Medicaid Asset Protection Trust is an irrevocable trust that allows individuals to transfer assets out of their name while still benefiting from them indirectly. Once assets are placed in the trust, they no longer count as part of the individual’s personal assets for Medicaid eligibility purposes. However, because the trust is irrevocable, the grantor relinquishes direct control over the assets.
Key features of a MAPT include:
- Irrevocability – Once created, the trust cannot be modified or revoked by the grantor.
- Asset Protection – Assets in the trust are protected from Medicaid spend-down requirements.
- Retained Income Rights – The grantor may receive income generated by the trust while preserving the principal for beneficiaries.
- Five-Year Look-Back Rule – Medicaid examines asset transfers made within five years of an application, making early planning crucial.
A MAPT offers numerous advantages, including:
1. Qualifying for Medicaid Without Depleting Assets
Medicaid requires applicants to meet strict financial eligibility criteria. By transferring assets into a MAPT well in advance, individuals can preserve their wealth while meeting Medicaid’s requirements.
2. Protecting Assets for Future Generations
A MAPT allows individuals to secure their assets for their children, grandchildren, or other beneficiaries instead of spending them on long-term care.
3. Avoiding Probate
Assets held in the trust do not go through probate, ensuring a smooth transition to beneficiaries after the grantor’s passing.
4. Providing for a Surviving Spouse
A properly structured MAPT can ensure that a surviving spouse has financial resources while still qualifying for Medicaid assistance.
How Bowman Law Firm Can Help
At Bowman Law Firm, we guide clients through the complexities of Medicaid planning and asset protection. Our legal team works closely with you to structure a MAPT that meets your specific needs while ensuring compliance with Georgia and federal Medicaid regulations.
Establishing a MAPT
We help clients:
- Identify assets suitable for transfer into the trust.
- Appoint a reliable trustee to manage the trust.
- Ensure the trust document meets legal requirements.
- Address any tax implications associated with the trust.
Timing and the Five-Year Look-Back Rule
Because Medicaid imposes a five-year look-back period on asset transfers, it is crucial to plan ahead. Transfers made within five years of applying for Medicaid can result in penalties and delays in eligibility. We help clients navigate this rule and develop long-term strategies for Medicaid planning.
Coordinating with Other Estate Planning Tools
A MAPT is often used alongside other estate planning documents, such as wills, powers of attorney, and advance directives. We ensure that all aspects of your estate plan work together to provide comprehensive protection and peace of mind.
Take Action Today
If you or a loved one is considering Medicaid planning, it is never too early to start. A Medicaid Asset Protection Trust can help you safeguard your assets while ensuring access to essential long-term care. Contact Bowman Law Firm today for a free consultation to discuss your options and take the first step toward securing your future.