Medicaid Trusts in Oklahoma
How an Oklahoma City Estate Planning Lawyer Can Help
Medicaid trusts are an excellent option for many families, especially those who have middle-aged members and an overall moderate to high income. A Medicaid trust is a trust that allows the creator to keep assets and properties in their family, even when they require the government to pay for nursing home costs. If you believe that you will eventually require nursing home care, or any other type of long-term care, it may be beneficial for you to contact an Oklahoma City estate planning attorney at The Law Office of Bryon J. Will, P.L.L.C. With over 15 years of combined experience, our team has successfully helped numerous Medicaid trusts, as well as various other estate planning documents.
Why establish a Medicaid trust?
As people get older, they might have to confront the fact that they may lose some or all of their assets to pay for long-term care. Long-term care insurance is often too expensive, and somewhat difficult to qualify for. If a person does not wish to transfer assets to their children or other beneficiaries, they may want to establish a Medicaid trust. When a person transfers their assets to beneficiaries while they are still alive, their assets may be affected if their beneficiaries are sued, get divorced, have a bankruptcy, or pass away before the individual. With an irrevocable Medicaid trust, a person is protecting their assets from the government, possible creditors’ claims, and lawsuits. By naming a trustee who is not a spouse or yourself, and limit yourself to receive the income only, your assets are protected from nursing homes in a Medicaid trust.
Contact an Oklahoma City Medicaid Attorney
It is imperative that you transfer your assets into an irrevocable Medicaid trust prior to needing nursing home care. If you apply for Medicaid within five years of transferring property to an irrevocable trust, Medicaid will impose a period of ineligibility. Please contact our firm if you wish learn more about Medicaid trusts, or wish to establish one with one of our attorney’s assistance. We are located in Oklahoma City and Perry, but offer our services statewide.