Texas Medicaid Asset Plan Trusts

Planning for a secure future for you and your loved ones

Individuals and married couples looking ahead to their retirement years often expect to rely on Medicaid to help pay for end-of-life care. This program helps millions of seniors and their families afford long-term care costs. A Medicaid Asset Plan Trust (MAPT) can protect your program eligibility while shielding your family’s assets from being taken as repayment to the state for your care.

The cost of care in a private long-term care facility can exceed $100,000 annually. If you haven’t already prepared an estate plan to address this expense, it’s not too late to take control of your financial future. The more time we have to plan, the more likely we can help preserve your family’s legacy!

At the law firm of Shann M. Chaudhry Esq., Attorney at Law PLLC, our goal is to provide our clients with peace of mind about retirement and long-term care planning. Our team can help you set up a MAPT to protect your assets against Medicaid recovery efforts. Contact our office today to book a consultation.

What Is a Medicaid Asset Protection Trust?

As the single-most relied upon government program that covers health care costs, Medicaid is often a lifesaver for individuals and families that can’t afford home care assistance or a nursing home.

Whether you qualify for Medicaid assistance depends on several factors—most importantly, the amount of liquid assets you own and your monthly income. If the combined value exceeds just a few thousand dollars, this excess must go toward your cost of care until depleted.

This could directly affect any financial legacy you wish to leave behind for your loved ones. Instead of spending down your assets, you have other options if we act within the Medicaid Lookback period, and in Texas, that period is 60 months.

Whether you qualify for Medicaid assistance depends on several factors—most importantly, the amount of liquid assets you own and your monthly income. If the combined value exceeds just a few thousand dollars, this excess must go toward your cost of care until depleted.

This could directly affect any financial legacy you wish to leave behind for your loved ones. Instead of spending down your assets, you have other options if we act within the Medicaid Lookback period, and in Texas, that period is 60 months.

Medicaid Asset Protection Trusts are irrevocable living trusts that allow you to preserve your assets and give ownership to a designated beneficiary. Because you no longer own this property, Medicaid recovery efforts won’t be able to touch these funds should you need long-term care assistance.

When you pass, the property held by the MAPT will go to the person or people you named as beneficiaries—not the nursing facility or the government.

Medicaid Asset Protection Trusts are Crucial to Your Estate Plan

When a Medicaid recipient passes away, their assets are subject to recovery of these costs. Individuals trying to avoid this process by giving away their home or gifting money to a loved one before applying for benefits may not be aware of the five-year lookback the agency performs.

This review period assesses the value of your countable assets—including those you gifted—to determine your eligibility. If it shows that you gave away a significant amount of property and/or funds during the five years before your application, you may not qualify for Medicaid long-term care.

Being ineligible for care can create undue financial hardship for you and those who care about you most. Reach out to the MAPT attorneys of SMC ESQ PLLC to learn more about protecting your estate using irrevocable trusts like Medicaid Asset Protection.

How Our Texas Medicaid Asset Protection Trust Attorneys Can Help

When planning for your long-term care, trusts are essential to any discussion about your estate and financial future. Medicaid asset protection comes in many forms, so working with a knowledgeable Texas estate planning attorney is important. They can incorporate strategies that consider your big-picture goals while ensuring all the details are factored in.

The attorneys at SMC ESQ PLLC understand that you have a lot riding on your future. Families throughout San Antonio, Austin, and the state of Texas have relied on our firm to create a personalized estate plan strategy that delivers tailored solutions to their unique needs.

In addition to creating a MAPT for you, our estate plan lawyers can also help you establish additional protections for you and your estate should you need long-term care:

Medical Power of Attorney

HIPAA Authorization

It’s important to consider the implications of any future care you or a spouse may need and plan your estate accordingly. Creating a well-managed support plan can offer additional options for family members to use when making decisions about your health, finances, and estate. This minimizes the burden placed on their shoulders and protects your wishes in these areas of your care.

Learn More about Texas Medicaid Asset Protection Trusts

Get the sound advice you’re looking for regarding your options for creating Medicaid trusts and long-term care planning solutions.

At SMC ESQ PLLC, we give our clients the peace of mind they deserve, knowing that their legacies are protected against recovery without jeopardizing eligibility for crucial government support programs like Medicaid, Social Security, and Medicare.

Contact our office today to book a consultation with one of our knowledgeable lawyers and learn more about the different trust solutions we offer to protect your best interests in a long-term care situation.