Medicaid Asset Protection Trusts & Veterans Asset Protection Trusts Lawyers

Medicaid Protection Trusts

The need for long-term care is common but the cost is staggering.  Seventy percent (70%) of people over age 65 will need long term care during their lifetimes. The average nursing home stay is 2.4 years. The average annual cost of a nursing home room in the Cleveland Metropolitan area is $73,912.50.  

Medicare pays the cost of a skilled nursing facility for up to 20 days, with a co-pay for the next 80 days.  However, once Medicare coverage terminates, the individual must pay out of their own pocket.  How can the average person afford to pay for nursing home or other long-term care? The answer is often Medicaid, Veterans Aid and Attendance Benefits or both.

The goal of the Medicaid Asset Protection Trust is to put certain assets in Trust to protect them from long term care costs and, in the case of Medicaid Asset Protection Trusts, Medicaid Estate Recovery.  The Medicaid Protection Trust have many advantages over an outright gift to a loved one.  In the trust, the assets can be protected from creditors, divorce, or death of loved ones. 

For more information on Medicaid Protection Trusts and Veterans Asset Protection Trusts, contact our office.