An asset protection trust is legal document allows a third-party trustee to hold assets and “hide them away” from judgment creditors, including Medicaid. The document on which the trust is written is called a Trust Agreement. A trustee is designated by the individual who creates the trust, or the settlor, and they must act under the terms of the trust deed.
Asset protection trusts can include almost any asset and can even be the beneficiary on accounts. Some common examples of assets that are put into these types of trusts are:
- real estate property,
- bank accounts, virtual assets,
- precious jewelry, and
- fine art.
Asset protection trusts are ideal for individuals who want to ensure that their assets a protected from the rising costs of long term care and nursing home expenses.
MAPT’s protect assets from children’s creditors and divorce.
MAPT’s offer tax benefits that aren’t available if you use a life estate or an outright transfer of your home to your children.
MAPT’s offer continued use of Trust Property and Income from Trusts assets.
MAPT’s allow you to keep control without keeping assets.
You can schedule a consultation with a member of our estate planning team to learn more about Medicaid asset protection trusts and whether or not you should have one. Just call (740)346-2899.