Medicaid Asset Protection Trust
This very specific type of trust is not a do-it-yourself project! Attorney Hallie Zobel is experienced in Medicaid planning techniques; a Medicaid Asset Protection Trust (MAPT), is one example. Medicaid is a welfare-based government benefit that pays for skilled nursing care. You must meet Federal and State guidelines as to wealth (or, more accurately, the lack of it) to qualify for Medicaid. Certain assets count and certain assets do not count as part of your wealth. A Medicaid Asset Protection Trust is an irrevocable trust that you (or a married couple) may create. You place your assets into the MAPT during your lifetime. The trust proceeds pay out to loved ones during your life and after your death. Typically, the assets that you have placed in the MAPT do not "count", yet are available to protect your loved ones. Variations of the trust include allowing income to be paid out to you during your lifetime.