The challenge in providing thoughtful planning is that none of us have a crystal ball. Although it may be your intention to do your very best in order to ensure that you or your loved one continues to reside within the community setting, there always exists the possibility that despite those best efforts nursing home care is required.
Nursing home care is never the first choice, but sometimes it is the only choice to provide a safe and secure environment for a loved one. Unfortunately, paying for such care is extraordinarily expensive and could be financially devastating.
That is why our clients turn to us. The team at Ansanelli Law Group, LLP (“ALG”) will develop an individualized strategy to not only protect assets from creditors, but also to eliminate those assets from being counted by Medicaid as an available resource.
A Medicaid Qualifying Trust (“MQT”) is an irrevocable trust recognized by Medicaid as a legally accepted planning tool utilized by families to protect their assets. Our MQTs are drafted in order to ensure maximum flexibility and control.
In addition, the MQT offers other important benefits. Upon your passing, assets remaining in the trust pass to the named beneficiaries pursuant to the terms of the trust, “by operation of law.” In the event real property is placed in the MQT in which a right to “use and occupy” the property is retained, it will pass to your heirs at a step-up in cost basis equal to the fair market value of the holdings at the time of death, thus avoiding capital gain consequence. Enhanced STAR and senior citizen property tax exemptions are all preserved with the utilization of this important planning tool.
Maintaining maximum control and achieving long-term asset protection are the signature benefits of this type of planning vehicle. The ALG team has the expertise necessary to assist you or your loved one with the thoughtful preparation and funding of this valuable estate planning tool.