Best Employment Lawyers in Clarkstown, NY

How Can You Protect Your Home and Assets from Medicaid’s Claim for Reimbursement? The answer for many people is called a Medicaid Protection Trust. Sometimes called a Medicaid Asset Protection Trust or a Medicaid Trust, all those names refer to the same legal strategy. Unless you take some steps to protect your home, ideally more than 5 years before you need Medicaid, the biggest asset most New Yorkers ever own, the source of their wealth, will not be fully or at all available to leave to their children or grandchildren. A Medicaid Protection Trust is an irrevocable trust into which you can transfer your home and other financial assets. Because the Medicaid Trust is irrevocable, placing all your assets into the trust may not be the best plan for everyone. Life is unpredictable and placing all of your non-retirement accounts or other assets into an irrevocable trust would prevent you from accessing those assets if you needed to or wanted to.