Medicaid Planning Trusts in Michigan

Protecting Assets From Medicaid - Irrevocable Trusts in Michigan

When exploring options for protecting assets in order to qualify for Medicaid benefits, it is essential that you consult with an experienced and knowledgeable lawyer. We at Willis Law have extensive knowledge of how to utilize trusts to your benefit. Our attorneys meet with clients and assess their specific situations, moving forward with establishing the types of trusts or other planning strategies that best suit their current and future needs.

Our law firm is dedicated to a Christian model of service with a mission to protect clients as they make the best decisions for their family and future. Let us guide you with dignity and discretion.

Call (888) 461-7744 or contact us by email for a consultation with a Grand Rapids Medicaid planning lawyer to speak about asset preservation trusts in Michigan.

Irrevocable Trust Medicaid

Since the assets in a revocable trust are considered by Medicaid as countable in determining eligibility, they are of no use in Medicaid planning. However, irrevocable trusts are many times of high value for Medicaid planning purposes. These types of trusts may not be changed after creation.

The assets of irrevocable trusts are sometimes paid to your spouse, using what is called a Medicaid Trust or Medicaid Annuity Trust, and then other times a Spousal Annuity Trust, and then paid to your heirs at your death. In other cases, irrevocable trusts are established for the benefit of the Medicaid applicant using his or her own assets, or are established for the benefit of a child or another relative who is a Medicaid recipient. In the context of a Medicaid Trust for an applicant's spouse, eligibility can be maintained immediately upon transferring all countable assets into such a trust.