Best Estate Planning Attorneys in Post Falls, ID

Clients who are planning on qualifying for Medicaid in order to pay for long term care should strongly consider establishing a Medicaid Trust. Medicaid Trusts can help protect one's assets from state estate recovery programs, thereby ensuring that your assets go to your beneficiaries, and not back to the state. Medicaid trusts are irrevocable, and the process frequently entails transferring assets to the Trust in order to become ineligible for Medicaid. Because of the irrevocable nature of these Trusts, it's very important that you discuss the pros and cons of this type of estate planning with your Estate Planning attorney to decide whether this is the right Trust for your situation. Typically, a Medicaid Trust works best for folks who are already in need of long-term care or who have progressive conditions. If used, the Client will establish a Medicaid Trust at least 5 years before potential Medicaid eligibility to avoid penalty periods for asset transfers. The beauty is that the Medicaid Trust assets can be used to cover personal and comfort measures, in addition to supplemental care needs during your lifetime that aren't covered by government aid, and typically, the creator of the Medicaid Trust can retain the right to live in the home until one's passing. In the right situations, Medicaid Trusts can ensure that your assets are kept in the family and don't go to the state. Talk to your Estate Planning attorney about Medicaid Trusts today!