The Perla Law Firm, LLC - Estate Law
Medicaid Asset Protection Trusts
Experienced Counsel You Can Trust
The need for long-term care is common but the cost is staggering. Someone turning age 65 today has an almost 70% chance of needing some type of long-term care during their lifetime.
Care needs often last for years, with women needing care for an average of 3.7 years and men needing care for an average of 2.2 years. In Ohio, the median cost of a private nursing home room is now $124,666 per year, making long-term care one of the greatest financial risks many families face.
How can you afford nursing home, assisted living care or other long-term care without losing everything you have worked to save? For many, the answer is a Medicaid Asset Protection Trust.
The purpose of a Medicaid Asset Protection Trust (MAPT) is to preserve your assets for your loved ones while helping you plan ahead for potential long-term care needs. By transferring assets into this trust, you can protect them from future long-term care costs, ensuring that what you have worked hard to build can ultimately benefit your family.
Unlike an outright gift to a loved one, a trust can provide additional structure and protection. Assets held in the trust are better protected from a beneficiary’s creditors, divorce, poor financial decisions, or death. They are also designed for better income tax treatment and to allow you to retain more control over the assets, including the ability to remove trustees or change future beneficiaries.
At The Perla Law Firm, LLC, we help individuals and families be proactive in protecting themselves from the sometimes catastrophic costs of long term care by implementing the Medicaid Asset Protection Trust, designed to safeguard their hard-earned assets from the rising costs of long-term care while preserving their legacy for future generations.
If you are worried about the cost of future long-term care, now is the time to plan. Our team can help you determine whether a Medicaid Asset Protection Trust is the right way to protect your home and other assets for your loved ones.
Contact The Perla Law Firm today to schedule a consultation and learn how a Medicaid Asset Protection Trust can help protect your assets, provide peace of mind, and prepare you for whatever the future may hold.
Experienced Counsel You Can Trust
Contact our office today to schedule a consultation.
Estate Law Services
Estate Planning • Wills • Living Trusts • Probate Avoidance Deeds • Financial Power of Attorney • Healthcare Power of Attorney & Living Will • Disposition of Bodily Remains • Medicaid Planning • Medicaid Asset Protection Trusts • Special Needs Trusts • Elder Law • Caregiver Agreements • Guardianships