Elder law is an area of legal practice that focuses on the needs and challenges faced by seniors. One important issue that falls under this category is nursing home Medicaid eligibility. Medicaid is a government-funded healthcare program that provides medical assistance to certain populations, and it can be a crucial resource for seniors who require long-term care in a nursing home. However, Medicaid eligibility can be a complex and confusing process, particularly when it comes to nursing home care.

Starting January 1, 2024, millions of small businesses that form after that date will be required to report identifying information about their beneficial owners and company applicants to the federal government under the Corporate Transparency Act (CTA). The following year, businesses that formed before January 1, 2024, will also be required to meet the CTA’s reporting requirements. 

If you are an avid user of Elder Docx™, WealthCounsel’s state-of-the-art document drafting software, you’ve probably drafted a Medicaid Asset Protection Trust (MAPT). The MAPT is an irrevocable trust that protects assets from being counted for long-term care Medicaid eligibility. But did you know that the MAPT has a cousin, the Medicaid Family Protection Trust (Family Trust)?

The Family Trust, like the MAPT, protects assets from being counted for long-term care Medicaid eligibility. But, the Family Trust has also been designed to achieve optimal asset protection for both the grantor and beneficiaries. How is this asset protection achieved?