Long Island Medicaid planning attorney Seth Schlessel (https://www.schlessellaw.com/what-is-a-medicaid-asset-protection-trust-on-long-island/) has recently published an enlightening article titled ‘What Is a Medicaid Asset Protection Trust?’. The piece provides a comprehensive explanation of Medicaid Asset Protection Trusts (MAPTs), their benefits, and how they can be a strategic element in planning for long-term medical care.
In the first paragraph of his article, The Long Island Medicaid planning attorney emphasizes the importance of planning for long-term medical care. He acknowledges the financial strains that families often face when dealing with the costs of such care, which can stretch budgets to their limits. Schlessel then introduces Medicaid as a potential solution to these challenges, although one that requires strategic thinking and legal knowledge to navigate.
The Long Island Medicaid planning attorney explains that a MAPT is a legal arrangement that allows individuals to transfer their assets into an irrevocable trust while retaining certain benefits of ownership during their lifetime. “The primary objective of a MAPT is to shield assets from being considered countable resources for Medicaid eligibility purposes, particularly when planning for potential nursing home care or long-term medical expenses,” states Schlessel.
Schlessel’s in-depth article covers a wide range of aspects related to MAPTs. He discusses how MAPTs work under New York law, the benefits of establishing a MAPT, Medicaid eligibility requirements, the impact of timing on Medicaid eligibility and trust establishment, and much more. The Long Island Medicaid planning attorney provides a wealth of knowledge in an easily understandable format.
Schlessel points out that, “Establishing a Medicaid asset protection trust (MAPT) can have a significant impact on an individual’s eligibility for Medicaid benefits. While the assets transferred into a MAPT are considered non-countable for Medicaid eligibility purposes after the ‘look-back period,’ it’s crucial to recognize that this period is typically five years. Any transfers made within this timeframe could lead to a penalty period during which Medicaid benefits are withheld, potentially affecting long-term care planning.”
The article also addresses the potential tax consequences of creating a MAPT and emphasizes the importance of integrating trust planning with an overall financial strategy. Schlessel advocates for the importance of seeking professional financial and tax advice, especially from those well-versed in New York’s regulations.
To learn more about Medicaid Asset Protection Trusts and how they can aid in planning for the future, read Seth Schlessel’s full article. His writing offers valuable insights and guidance on the intricate landscape of Medicaid planning.
About Schlessel Law PLLC:
Schlessel Law PLLC is a law firm located in Long Island, New York. Led by attorney Seth Schlessel, the firm provides quality legal services and guidance in Medicaid planning, including the creation of Medicaid Asset Protection Trusts. Their mission is to help families navigate the complexities of Medicaid planning, safeguard their assets, ensure Medicaid eligibility, and provide peace of mind. Schlessel Law PLLC is committed to helping clients chart a course towards a stable financial future and a worry-free retirement.
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Company Name: Schlessel Law PLLC
Contact Person: Seth Schlessel
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Phone: (516) 574-9630
Address:34 Willis Ave Suite 300, Mineola, NY 11501
State: New York
Country: United States