Medicaid Essay - 1223 Words - StudyMode.

Medicaid Medicaid is a state administered health insurance program financed and is operated jointly by the federal and state government. The program gears towards helping low-income people of all ages who do not have the money or insurance to pay for health care. This program pays for medical care to assist persons and families who cannot afford it.

A Medicaid Asset Protection Trust enables an individual or a married couple to transfer some of their assets into a trust, to hold and manage the assets throughout their lifetime. Upon their deaths, the remainder of the assets will be transferred to the heirs in accordance with the provisions of the trust.

Medicaid is moneyed by both the Federal Government and private states. Each state is accountable for establishing its own guidelines which must consist of: legibility, quantity of services to be offered, rate of payments for services, and administering its own programs.

Medicaid asset protection is a tool that protects not only the estate of the Medicaid applicant, but also the prosperity of the community spouse. However, let’s say you are a senior living in St. Petersburg with appreciable assets.

One very useful Medicaid planning technique involves the creation of an irrevocable Medicaid Asset Protection Trust. With a Medicaid Asset Protection Trust a person or couple can transfer some of their property to the trust to hold and manage for their benefit during their live with the remainder paid to their family after their death.

Asset protection planning is proactive legal action that protects your assets from future creditors, divorce, lawsuits or judgments. This involves a series legal and lawful techniques that can deter a lawsuit. It can also provide you with settlement negotiation power.

What is a Medicaid Asset Protection Trust? It is an irrevocable trust that (if drafted properly) protects the assets transferred to it from counting as resources for Medicaid qualification purposes. When the Trust is signed, a new legal entity is created. There are four major roles in the trust: Grantor, Trustee, Beneficiary, and Trust Protector.

Protecting assets before Medicaid: Three things to consider. Comments. Welcome to our new and improved comments, which are for subscribers only.This is a test to see whether we can improve the.

State Medicaid Program: Health initiatives managed by state governments in conjunction with the federal Medicaid program that help qualified low-income individuals and families pay for the costs.

Medicaid Planning Would you rather. Click here to get a 10 page report on Medicaid Spendown Secrets.. Asset Protection has become a studied and researched field of practice. Thus, you should choose a planner who is educated, certified and practiced. Worry FREE Retirement Kit.

As tax preparation time begins, many seniors are asking to include Medicaid asset protection as part of their tax planning strategies. For those of you not familiar with the 2005 Tax Reduction Act, some of the provisions address specific transfers by seniors under the new Medicare nursing home provisions.

You Can Protect Assets From the Medicaid Spend-Down. Even During the Lookback Period. I Can Show You How. One of the biggest Medicaid secrets is that asset protection is within your reach with the help of your Elder Law Attorney.It is not something reserved exclusively for people with huge sums of money.