What is a Medicaid trust?
A Medicaid trust is a special legal arrangement that can help protect a person’s assets from being counted when applying for Medicaid. In California, Medicaid trusts can allow an individual to qualify for Medicaid while also preserving their assets for the benefit of the applicant or their family. A Medicaid trust can be an irrevocable or revocable trust. An irrevocable trust makes it so the assets placed in the trust are no longer owned by the individual and cannot be touched by Medicaid. This means the assets will not be included when determining Medicaid eligibility. A revocable trust allows the individual to keep full control of the assets while they are alive, while also protecting them from Medicaid’s reach. A Medicaid trust is an important tool for those with disabilities in California. For those with disabilities, these trusts can provide the resources to cover both long-term care and necessary daily needs. In addition, Medicaid trusts can help individuals protect their assets from creditors, reduce or eliminate estate taxes, and provide for supplemental care for the disabled individual after their death.
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