The Medicaid program is a lifeline for individuals needing affordable, quality medical care. However, this insurance benefit is only available to specific individuals who meet the stringent eligibility guidelines of the program. If your assets exceed Arizona’s low threshold, the state can block you from receiving necessary benefits.
If you are interested in applying for Medicaid benefits, you may be able to protect your assets with a Medicaid asset protection trust. This trust can help safeguard your assets, allowing you to file for Arizona Medicaid benefits.
At Pennington Law, PLLC, our experienced estate planning lawyers can help you decide if Arizona Medicaid asset protection trusts should be a part of your estate planning portfolio. Our legal team understands that estate planning can be challenging, and we want to help you prepare for the future with confidence.
Contact our West Valley Arizona law firm for a confidential consultation and find out if a Medicaid asset protection trust can work in your favor. We look forward to answering your questions and providing the estate planning guidance you need.
How Does a Medicaid Asset Protection Trust Differ from Other Protection Trusts?
The Medicaid asset protection trust’s primary difference from other trusts is its purpose. A MAPT is an irrevocable trust designed to protect assets from being counted toward Medicaid eligibility. It differs from other asset protection trusts in that its primary purpose is to allow the grantor to qualify for Medicaid without having to spend down their assets to meet the program’s asset threshold.
Other types of protection trusts have their own unique purposes. For example, specific trust plans may protect assets from creditors or prevent assets from passing through probate upon the grantor’s death.