Structuring Advance Directives and Medicaid Asset Protection Trusts

Description

A will is not enough to protect a client’s assets when facing long-term care needs. Counsel should develop a plan that includes advance directives (a power of attorney, healthcare directive and disposition of remains document) and discuss the viability of long-term care and life insurance.

Counsel should consider a Medicaid Asset Protection Trust and a testamentary Supplemental Needs Trust to preserve a client’s funds, provide for a surviving spouse, and fulfill estate planning objectives. Provisions of the power of attorney, trusts and will must be coordinated.

Creating a comprehensive and flexible long-term care plan before the need for long-term care arises is the best way to preserve an elder client’s assets from the cost of long-term care.

Listen as our panel of attorneys experienced in working with elderly clients reviews developing an effective long-term care plan for clients by using both preventive documents (a Medicaid Asset Protection Trust and/or a testamentary Supplemental Needs Trust) and advance directives (power of attorney, healthcare directives and a disposition of remains document).