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Tampa Family & Estate Lawyers / Blog / Estate Planning / How Creating A Medicaid Trust In Tampa Protects You Now And In The Years Ahead

How Creating A Medicaid Trust In Tampa Protects You Now And In The Years Ahead

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Medicaid is a joint federal and state-managed program providing health care and other benefits to millions across the United States. Older adults, in particular, benefit from the care and support services Medicaid offers, but many have money in bank accounts, property holdings, or other assets that prevent them from qualifying. Our Tampa estate planning lawyer explains Medicaid trusts and how creating one protects you now and in the years ahead.

Medicaid Trusts In Tampa: What Are The Benefits?

A Medicaid trust, formally known as a Medicaid Asset Protection Trust (MAPT), shields your assets, making you eligible for Medicaid services. Medicaid helps offset your medical expenses and the exorbitant costs of nursing homes and other long-term care when you are older.

In setting up the trust, you designate a trustee, the person or financial institution who manages the trust and has a legal duty to do so per your wishes and best interests. As the grantor, you then transfer ownership of property and assets into the trust for safekeeping and to preserve it for future generations.

Once you set up a trust and transfer assets to it, you are no longer the owner. The trust is. This provides a variety of important benefits:

  • Protects your assets against lawsuits and creditor claims;
  • Prevents property and assets from being depleted due to long-term care costs, preserving them for future generations;
  • Bypasses probate, potentially saving your loved ones time and money;
  • Makes you eligible for Medicaid, which offsets long-term care costs.

The Importance Of Creating A Medicaid Trust In Tampa

The older you get, the more medical care and support services you are likely to require. While your family and friends may want to help, busy work and family schedules often make it impossible for them to fulfill specific needs. This is where Medicaid can help.

It pays for medical care, home health visits, dental and vision care, transportation to doctor appointments, and other benefits. It also pays for any long-term or nursing home care you require. According to the Florida Health Care Association, a private room in a nursing home or other long-term care facility can cost up to $100,000 or more annually.

Creating a Medicaid trust protects your assets by ensuring these costs are covered, without you having to pay out of pocket. However, Medicaid has a five-year look-back period. When applying for benefits, they will go back five years to determine whether you are financially eligible. If you did not create a Medicaid trust before this time, you could be stuck assuming the entire burden of long-term care costs.

Contact Our Experienced Tampa Medicaid Trust Lawyer Today

Creating a Medicaid trust helps protect your hard-earned assets while ensuring you get the medical care and support services you need as you grow older. Bubley & Bubley, P.A. is here to help answer your questions and provides the trusted legal guidance needed in putting the appropriate documents in place. Call or contact our office online today. Request a consultation with our Tampa Medicaid trust lawyer.

Source:

fhca.org/media_center/long_term_health_care_facts

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