Joseph S. Karp
People come to us quite frequently when they’re well and they’re worried about long-term care costs, and they can’t afford to get long-term insurance. They want to know what can they do to protect their assets. One of the steps they can take is to create a Medicaid Asset Protection Trust. Assets are transferred into that trust, and after five years, they’re exempt from Medicaid planning, exempt if you apply for Medicaid. The beauty of it is, the way you’ve structured it, you leave somebody else in charge of the trust and you get all of the income for life. And through the back door, your family members who are assisting you can access that money and use it for your benefit… but the government can never make you use it. It is an excellent device for those who want to do planning, and cannot afford to get long-term insurance.
