What is a Medicaid trust?

A Medicaid trust is a financial tool used to protect assets in North Carolina for those who are eligible to receive Medicaid, which is a health insurance program for people who have a low income. It is important to note that Medicaid trusts are not the same as a will or trust, but instead are used to protect the assets of a person who is applying for Medicaid assistance. A Medicaid trust is used to shield personal assets from being counted in the eligibility criteria for Medicaid. Medicaid has strict financial guidelines, which require that a person’s assets are below a certain amount in order to qualify for benefits. A Medicaid trust is a legal document that takes assets and property out of the individual’s estate and puts it into a trust. This trust will then be managed by a trustee. The assets in the trust are not counted towards Medicaid eligibility. By placing assets into a Medicaid trust, the individual is able to protect their assets and remain eligible for Medicaid while ensuring that their long-term financial care will be taken care of. In North Carolina, individuals are permitted to create their own trusts but they must be done under the supervision of an Elder Law Attorney. It is important to consult with an attorney to ensure that the trust is created properly.

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