Facing the High Costs of Long-Term Care? Vick Law, P.C. Can Help Secure Your Future
The reality is stark: 70% of Americans will need long-term care at some point during their retirement. Unfortunately, many people don’t realize the financial burden of long-term care until it’s too late—when health conditions make them uninsurable, or the premiums become too expensive. Long-term care can drain your savings, leaving you and your family in a precarious financial situation. But it doesn’t have to be this way. Vick Law, P.C. can help you plan now to protect your assets and ensure your future care needs are met without sacrificing your financial security.
How Vick Law, P.C. Can Help: Medicaid Asset Protection Trust (MAPT)
One of the most effective tools to safeguard your assets from the high costs of long-term care is the Medicaid Asset Protection Trust (MAPT). This trust allows you to move money out of your estate, making it uncountable for Medicaid’s means-testing purposes. However, the trust must be established and funded at least five years before you can be eligible for Medicaid assistance, due to the “Medicaid look-back” period.
At Vick Law, P.C., our experienced estate planning attorneys specialize in creating MAPTs tailored to your specific needs. We ensure every detail is correctly handled, so your trust serves its intended purpose: protecting your hard-earned assets from being depleted by long-term care expenses.
Why You Need Professional Guidance
Creating a MAPT isn’t a do-it-yourself project. It requires years of experience e to navigate the complexities of Medicaid rules and the nuances of estate planning. The MAPT must be an irrevocable trust, meaning you’ll no longer have direct access to the assets placed in it, which can be intimidating. Our team will guide you through every step, discussing your current and future needs, so you feel confident in your decisions.
Vick Law, P.C. also offers the Medicaid+ program, a comprehensive service that not only helps you establish a MAPT but also provides ongoing support to navigate Medicaid’s intricate requirements and keep your trust in good standing.
Protect Your Legacy and Plan for the Future
A MAPT does more than just shield your assets from long-term care costs—it also allows you to control how your wealth is distributed after your passing. Whether you want to provide for your children, grandchildren, or other loved ones, the trust can be structured to distribute funds according to your wishes, ensuring your legacy is preserved and used in the way you intended.
Additionally, with looming changes to federal estate tax laws, having assets in a MAPT can protect them from potential estate taxes, further securing your family’s financial future.
Start Planning Today with Vick Law, P.C.
Don’t wait until it’s too late to protect your assets from the high costs of long-term care. By working with Vick Law, P.C., you can create a comprehensive plan that safeguards your wealth, provides for your future care, and ensures your legacy lives on. Book a FREE consultation today to learn more about how a Medicaid Asset Protection Trust and our Medicaid+ program can work for you.
Reference: Kiplinger (July 11, 2024) “This Trust Can Protect Your Assets From Long-Term Care Costs”
