A few weeks back I discussed the importance of Wispact Special Needs Trust for clients who are on SSI or Medicaid benefits.  Another important tool for clients who are looking to protect as many assets as possible while qualifying for Medicaid benefits is the Medicaid Asset Protection Trust.  What is it?  The Medicaid Asset Protection Trust is an irrevocable trust that is created and funded with assets that the clients would like to protect for future generations.  The Trust is irrevocable meaning that it cannot be amended or changed. Also, because the transfer of the assets into the Trust is considered a gift, or a divestment, the creators must be healthy for 60 months after the transfer. Once the 60 month time period is up, the Trust and the assets inside of it are considered unavailable and if that client needs Medicaid benefits, they can qualify. For more questions on Title XIX and asset preservation, please contact Pruitt Law Offices S.C. at 262-633-8301, through our website at pruittlawoffices.com, or visit us at 731 Main Street in Racine.