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Medi-Cal Planning in California

With Our Pasadena Estate Planning Lawyers

The irrevocable Medi-cal Asset Protection Trust has proven to be a highly effective estate planning tool for many older Americans. There are many factors to consider when deciding whether a Medi-cal Asset Protection Trust is right for you and your family.

A Medi-cal Asset Protection Trust enables an individual or a married couple to transfer some of their assets into a trust, and to hold and manage the assets throughout their lifetime. Upon their deaths, the remainder of the assets will be transferred to the heirs in accordance with the provisions of the trust.

However, the Medi-cal Asset Protection Trust is not without its pitfalls. Creation of such a trust can result in a period of ineligibility for benefits under the Medi-cal program. The length of time varies, according to the value of the assets transferred and the date of the transfer. Following the expiration of the ineligibility period, the assets held within the trust are generally protected and will not be factored in when calculating assets for purposes of qualification for Medicaid benefits. Furthermore, transferring assets into an irrevocable Medi-cal Asset Protection Trust keeps them out of both spouses’ reach for the duration of their lives.

Deciding whether a Medi-cal Asset Protection Trust is right for you is a complex process that must take into consideration many factors regarding your assets, income, family structure, overall health, life expectancy, and your wishes regarding how property should be handled after your death. An experienced estate planning attorney in Pasadena can help guide you through the decision making process.

To learn more about Medi-cal planning and how we can help you, feel free to contact our estate planning attorneys in Pasadena today at (626) 325-0770.

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