Contact Walk-In Wills today for help with will and trust creation, probate, long-term care planning, and other essential estate planning needs.
Medicaid is a state-run insurance program that provides healthcare funds to seniors, as well as low-income individuals and people with disabilities. The program imposes certain rules on applicants, including how many assets a person can own. If a person is above the threshold, they will be turned down for benefits.
Because Medicaid is a crucial support system for many people in Chandler, AZ, Walk-In Wills provides guidance on how to navigate the system effectively. We can walk you through the process for establishing a Medicaid trust to ensure you can access the necessary funds for long-term care when the time comes.
A type of irrevocable trust, Medicaid trusts help people remain below a certain income threshold when seeking benefits. Assets contained within these trusts will not be considered when applying for Medicaid, which ensures that a person can access essential assistance when it comes to healthcare and nursing home services.
Once assets have been transferred to the Medicaid trust, you are no longer able to control them. A trustee assumes management of these assets, even though they remain in your possession. For example, you can still live in a home that has been placed in a Medicaid trust. A Medicaid trust also allows you to name beneficiaries to receive your assets after you die.
The trustee you choose to manage your trust will become the owner of your assets, which prevents you from making decisions regarding them. Additionally, you will need to choose nursing homes and assisted living facilities that are approved by Medicaid, or you will not have access to healthcare funds. This highlights the importance of performing Medicaid planning with the assistance of an estate planning attorney.
With more than two decades of experience behind us, Walk-In Wills can help you approach the trust creation process carefully to ensure the best possible outcome. We’ll evaluate your situation to determine the best possible estate planning tool to support long-term care.
