The truth is, there are many ways to protect your money from Medicaid. Here are some of the most common, which are also listed in the article linked below:
1. Asset Protection Trusts
2. Income Trusts
3. Private Annuities and Promissary Notes
4. A Caregiver Statement
5. Spousal Transfers and Spousal Refusals
You may have heard about some of these options, maybe even all. But do you know what happens to your assets once they are protected in an Irrevocable Trust? Do you know what the proper wording has to be in your private annuities so that they can work to benefit your Medicaid? Do you know the pros and cons of using each or any of these options?
At Danna & Associates, PC, our firm specializes in Estate Planning and Elder Law, allowing us to accumulate over 20 years of experience in these matters. For your free consultation, call 718.273.0300 today!
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