Trusts & Estates
Trusts & Estates
Why Medicaid Asset Protection Planning is a Win-Win for Your Elder Law Firm and Your Clients
As an elder law attorney, you know that an irrevocable Medicaid Asset Protection Trust (MAPT) can be an effective estate planning tool for many of your clients. A MAPT offers an alternative to long-term care insurance, allowing individuals or married couples to transfer some assets into a trust and to hold and manage those assets throughout their lifetime. The remaining assets can then be transferred to the heirs of the trust at the time of the client’s death.
Of course, it’s important that you as the attorney understand the pitfalls of a MAPT — such as the potential impact on Medicaid eligibility — in order to decide if establishment of this type of trust is right for each individual client.
If properly executed, the planning for this type of trust and the resulting Medicaid Asset Protection Letter (MAPL) can be used as a springboard to further planning with a client, and therefore, further profits. Like every aspect of elder law, MAPT planning will yield the biggest benefit for your practice and your clients if you have a process in place.
This download includes a detailed 8-step process for providing initial long-term care evaluations to clients. We've also included a 1-page at-a-glance view for you to print and share with your team.
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