How to Protect Estate Assets of Someone on Medical Assistance
Choose the type of trust.. Decide on trustees.. Calculate the look-back period.
Steps
1
Choose the type of trust.
Choose the type of trust.
2
Decide on trustees.
Decide on trustees.
3
Calculate the look-back period.
Calculate the look-back period.
4
Draft the trust documents.
Draft the trust documents.
5
Execute the trust documents.
Execute the trust documents.
6
Transfer assets into the trust.
Transfer assets into the trust.
7
Gather information about the person's debts.
Gather information about the person's debts.
8
Identify exempt assets.
Identify exempt assets.
9
Make advance payments.
Make advance payments.
10
Document payments to family members.
Document payments to family members.
11
Consult an attorney.
Consult an attorney.
12
Buy life insurance policies that are exempted.
Buy life insurance policies that are exempted.
13
Purchase an annuity.
Purchase an annuity.
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