Maximize Medicaid benefits with expert trust planning today
Financial Implications and Cost Considerations
Setting up a trust involves certain costs, including legal fees and administrative expenses. However, these costs are often outweighed by the financial savings from Medicaid coverage. On average, nursing home care can cost upwards of $100,000 per year1. By effectively planning your Medicaid trust, you can preserve your estate and ensure that your healthcare needs are met without depleting your savings.
Real-World Examples
Consider the case of a retiree who established a MAPT five years before needing long-term care. By transferring his home and significant assets into the trust, he successfully qualified for Medicaid without spending down his entire savings. This proactive step not only secured his healthcare but also preserved his estate for his heirs.