Medicaid helps millions of americans cover the cost of health insurance, but it can often fail to provide adequate assistance with long term care. To overcome this shortfall in Medicaid many americans have turned to medicaid trusts to help them weather the financial burden of long term care. Medicaid trusts can be difficult to understand at first, but fortunately Cloud Peak Law’s staff are medicaid trust experts.
A Medicaid Asset Protection Trust will allow you to qualify for Medicaid, while living off the income of your assets, and still enable you to add and remove beneficiaries at your discretion. – Learn more about irrevocable Medicaid trusts in Wyoming.
Simply put a Medicaid Asset Protection Trust allows you to secure your assets to provide for your living expenses while still allowing you to stay on Medicaid. For example, if you were unable to live independently and required care in a nursing home you could use a Medicaid asset protection trust to provide for your expenses and still be able to qualify for Medicaid.