Asset Protection and Estate Planning Services
– Law Office of Jennifer P. Heald

In order to qualify for MassHealth (Medicaid) for long term care an individual may only have two thousand dollars ($2000) of assets in their name at the time of application. MassHealth (Medicaid) allows an individual to transfer assets (real estate or cash assets) five years in advance without penalty, thus protecting those assets. The rules for transferring assets are complicated and must be followed precisely in order to protect real estate or financial assets for the MassHealth (Medicaid) applicant. Attorney Jennifer Heald is very well versed in the options available to protect assets under the MassHealth (Medicaid) regulations and she will guide you through the options and help you pick the best asset protection route for you and your family.

Advanced Planning for Long-Term Care and Asset Protection

Advanced planning is essential when it comes to preserving assets and preparing for the possibility of long-term care needs. At the Law Office of Jennifer P. Heald, our estate planning attorney assists you in developing personalized strategies to protect your assets. By taking proactive measures, you can safeguard your wealth and maintain eligibility for Medicaid (MassHealth) benefits. Our services include:

Irrevocable Real Estate Medicaid Trust:

To protect your real estate assets, we can establish an Irrevocable Real Estate Medicaid Trust. By transferring your principal residence or vacation home into this trust, you ensure that the property remains protected after the prescribed look-back period (currently five years). When managed correctly, this trust shields the assets from being counted if you apply for Medicaid (MassHealth) for long-term care. Additionally, the trust allows for the distribution of remaining trust property to your chosen beneficiaries upon your passing.

Irrevocable Income Only Medicaid Trust:

For income-based assets such as bank accounts, stocks, or an investment portfolio, we can create an Irrevocable Income Only Medicaid Trust. Similar to the real estate trust, this instrument requires the assets to remain in the trust for the prescribed look-back period (currently five years). By properly drafting and managing this trust, you protect the assets from Medicaid (MassHealth) considerations while ensuring their distribution to your designated beneficiaries upon your demise.

Life Estate Deeds:

A Life Estate Deed enables you to retain ownership of real estate during your lifetime, with the property transferring to the individuals named on the deed upon your passing. This deed must be drafted before the five-year look-back period for Medicaid (MassHealth) to provide asset protection. While a life estate deed doesn’t always shield the entire real estate asset from Medicaid (MassHealth), it serves as a valuable tool in comprehensive estate planning.

Last Will and Testament with Testamentary Trust:

By incorporating a Testamentary Trust into your Last Will and Testament, you can protect your real and personal property even after you’re gone. When properly utilized, this trust shields your estate assets from Medicaid (MassHealth) estate recovery. It also ensures that your estate property is held in trust for the benefit of your surviving spouse and later distributed to your chosen trust beneficiaries upon the surviving spouse’s passing.

Lifetime Gifting:

Strategic lifetime gifting plays a crucial role in asset protection. Any gift made at least five years before your Medicaid (MassHealth) application for long-term care will protect the gifted asset. We can guide you through the gifting process, helping you preserve assets while complying with relevant regulations.

Additional Lifetime Asset Protection Strategies

In addition to long-term care planning and asset protection trusts, we offer a range of additional services to safeguard your assets:

Declaration of Homestead:

Filing a Declaration of Homestead with the Registry of Deeds protects your personal residence from creditors during your lifetime. We can assist you in securing this protection, including specialized options for couples, seniors, and disabled individuals. If you have a revocable or living trust, we can ensure the appropriate filing of a new Declaration of Homestead for trust-owned homes.

Minimize Estate and Death Taxes:

At the Law Office of Jennifer P. Heald, we understand the importance of minimizing estate and death taxes. Our estate planning attorney can provide guidance and establish effective strategies utilizing the following estate planning tools:

• Irrevocable Life Insurance Trust
• Credit Shelter Trust
• Lifetime Gifting

For more information regarding Asset Protection, please also see pages for Elder Law and Long Term Care