Why Your Attorney Shouldn't Push a Medicaid Trust (Do This Instead)
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Why Your Attorney Shouldn't Push a Medicaid Trust (Do This Instead)
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Not every family needs a Medicaid Asset Protection Trust and using one at the wrong time can backfire badly. In this episode of Asset Protection Today, elder law attorney Bill Alexander breaks down how Medicaid trusts actually work, why the 5-year look-back period trips up so many families, and the lesser-known deed strategies that can protect a home without triggering it at all.
Bill explains the critical beneficiary rule that catches many families off guard, walks through a real case where a $15,000 home (now worth $800,000) illustrates why losing the "step-up in basis" can cost heirs a massive capital gains tax bill, and shares a cautionary story from 25 years ago about a life estate deed gone wrong, leaving a widow locked out of her own home equity. He also breaks down VA Asset Protection Trusts as a faster, more flexible alternative for veterans (a 3-year look-back vs. Medicaid's 5), and why the right power of attorney matters more than most families realize, given that 80% of elder financial abuse comes from family members.
If you're thinking about long-term care planning, protecting a family home, or veterans' benefits, this episode offers real-world, practical guidance from one of North Carolina's most respected elder law attorneys.
Want to learn more? W.G. Alexander & Associates hosts free educational webinars on asset protection, trust planning, and long-term care. Sign up at https://wgalaw.com/seminars/
(6:44) Introducing Medicaid Asset Protection Trusts
(8:32) The Five-Year Look-Back Rule
(12:06) Protecting the Home/Farm & Beneficiary Rules
(15:28) Gift Tax, Basis Step-Up & Deed Options
(18:48) Alternatives: Legacy Deeds & Lady Bird Deeds
(21:17) The Real Long-Term Care Risk
(22:12) Veterans Benefits (VA Aid & Attendance)
(24:16) Income-Only Trusts for Larger Estates
(26:39) Cautionary Story: Life Estate Gone Wrong
(29:34) VA Asset Protection Trust Explained
(33:14) Power of Attorney & Elder Financial Abuse
(35:33) Closing Advice & Firm Overview
(36:59) Outro & Webinar Sign-Off
#MedicaidPlanning #EstatePlanning #ElderLaw #AssetProtection #VABenefits #LongTermCare #TrustPlanning