Medicaid and Trusts for American Citizens
Strategic Medicaid Planning
Medicaid is a joint health program of the US federal government and state Government, that has its purpose rooted in assisting persons with limited income with healthcare costs. Federal guidelines, as well as state provisions determine the qualification for benefiting from this program, hence it is important to check the laws that pertain to your state, or consult a qualified attorney before setting up a trust for yourself.
For the common man without a million dollars, or fleet of chattels to call his own, the greatest threat to assets and estate wouldn’t be taxes or probate. It will be the cost for health care and nursing homes bills should he encounter difficult health times. Hence, it becomes very necessary to get the benefits of medicaid as well as protect your assets from medicaid liens in a situation where long term care gets required.
The most effective way to achieve the best medicaid result that wouldn’t warrant loss of assets when things go south, would be involving a BLOCKCHAIN TRUST®
What Is A “Trust”?
A trust is a legal medium through which a person (otherwise called trustor or grantor) gives control over assets to a trustee. The trustee will therefore execute upon these assets according to the dictates of the trustor. Items that could be entrusted into the hands of a trustee could be cash or liquid assets. It could be property, accumulated resources, basically anything that can generate revenue over a period of time.
Kinds of Trust That Exist
Trusts can serve in different capacities; hence they are broken into two broad groups - Revocable and Irrevocable Trusts.
Revocable Trusts:
As the name implies, a Revocable Trust is a kind of trust that can be altered, changed or abandoned by the trustor. This category cannot be used in medicaid planning since the principal (accumulated funds of the trust) is considered to be claimable by the creator of the trust upon exit.
Irrevocable Trusts
These trusts are irrevocable and permanent. Many times, when a person creates an irrevocable trust, benefits from the entrusted assets (principal) are paid to the person for life. Although the principal cannot be beneficial to the grantor or any next of kin while the creator is still living, at the eventual death of the grantor, the principal is then paid to the heirs of the grantor.
This becomes the basis for a medicaid trust, as the grantor has willed the principal to the trust, and only receives proceeds. These proceeds can be used to pay for Medicaid and liens, but the principal cannot be paid to Medicaid, as it is assumed to not belong to the grantor anymore. It therefore preserves your assets for your children and heirs, and pays your benefits to the nursing home or involved party.
Medicaid and Trusts
The need for survival is one of humans’ most essential needs, and that need for survival involves getting medical care. During this time in America, when getting medical care is very expensive, it is strategic for everyone to have a constructive health plan. Medicaid offers health care plans to individuals with low-income, elderly, and anyone who is disadvantaged enough to not pay their own medical bills.
So, for those who are not rich, the greatest threat to their properties, or their assets, are the costs of paying for medical treatments and nursing homes. If a person requires long term medical treatment, they will have to depend on the Medicaid subsidy. But many times, Medicaid will not foot the medical bills if they are certain that you have the financial capacity to handle your bills. Medical bills can quickly empty your accounts and make it impossible for you to leave assets for your children and spouses.
Since having a revocable trust will not qualify you for Medicaid benefits, the best option is to have an irrevocable Blockchain Trust®. This means, the assets are no longer in your possession, yet they remain in your control.
Testamentary Trusts
These types of trust fall under the category of “wills''. in a situation where a deceased spouse creates a testamentary trust for a surviving partner, Medicaid provides room as long as the trustee has the obligation to foot the bills of the applicant's support. In a situation where such decisions were left to the discretion of the trustee, then they are considered absent.
Your Perfect Health Strategy with the Irrevocable Blockchain Trust®
The uniqueness of creating a Blockchain Trust® is that unlike the other traditional facilities, your assets are registered on a decentralized discreet Blockchain platform, therefore keeping your details as well as assets completely confidential and secure. This is achieved by giving your Blockchain Trust® a unique identity that can’t be traced to you. For instance, instead of your Blockchain Trust® corporate documents bearing your name, it is kept 100% anonymous while carrying your unique Blockchain Trust® codes alone. In the case of legal and medicaid liens actions, the ownership of the Blockchain Trust® and the digital or physical assets it holds will remain anonymous and impenetrable since it is legally deemed to belong to the Blockchain Trust®.
Successfully registering your assets in the name of your Blockchain Trust® will create an asset protection strategy as well as enable you to meet the “irrevocable trust” criteria to qualify for Medicaid benefits. As a result, Medicaid will recognize that you no longer have sufficient control over your assets, and in a situation of medicaid liens, the only option they are left with is to either receive payments from the trust over a considerable period, or to give you a flexible payment scheme.
While traditional Asset Protection methods might limit your use and control over your assets, the Blockchain Trust® gives you complete accessibility to your assets 24/7. Also, your Blockchain Trust® is decentralized, tax-exempt and able to transact globally with 100% control in your hands. The safest and most economical way to protect your assets is to register your own Blockchain Trust®, enabling you to access the best healthcare services without fear of losing your assets to Medicaid Liens.
In case you may still want to ask questions, we have the most qualified legal hands that will provide you with sufficient consultation that will address your issues. Also, you would receive consistent consultation to ensure that your assets are properly managed from time to time.
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