New Jersey Trust Attorney Christine Matus Explains Whether Irrevocable Trust Is Protected From Medicaid

New Jersey trust attorney Christine Matus (https://matuslaw.com/is-an-irrevocable-trust-protected-from-medicaid-in-new-jersey/) discusses whether an irrevocable trust is protected from Medicaid. The lawyer mentions that long-term care is an important concern for aging individuals in the USA. However, this kind of care can be expensive. Medicare does not provide for long-term nursing home care, but Medicaid may be able to help.

According to the New Jersey trust attorney, “Most of us don’t want to think about nursing home care, especially when we are still healthy. But seven out of 10 individuals, at some point in their lives, will require some form of long-term care. New Jersey is one of the more expensive states in the nation for nursing home costs. As of 2021, the average cost of nursing home care in New Jersey is $6,650 a month.”

In the new blog post, the lawyer explains that many people look to Medicaid in order to receive financial help for long-term care. However, Medicaid can have narrow and specific requirements before one can be eligible for benefits. Attorney Christine Matus also adds that some people have way too many assets to qualify for these Medicaid benefits. This can mean that they will have to pay for long-term care instead of saving those assets so they can leave them to their loved ones.

Additionally, attorney Matus mentions that putting assets in an irrevocable trust may be able to help shelter them. This way, those assets will no longer be countable by Medicaid.

Attorney Christine Matus explains, “An individual’s income and assets are limited to be eligible for Medicaid benefits for institutional care purposes. Assets for a single person are capped at $2,000 and $4,000 for married couples. Assets that are considered “countable” under this cap are cash, stocks, bonds, savings and checking accounts, and real estate that is not a primary residence.”

Aside from the aforementioned, attorney Matus also says that there are other assets that are considered “non-countable” against the Medicaid cap. These include a primary residence, personal belongings, IRAs and 401(k)s, household furniture, an automobile, pre-paid burial services, and any property held in an irrevocable trust.

Lastly, the lawyer emphasizes that navigating Medicaid is not an easy task. The processes involved can be complex. This is why it’s crucial to seek the help of an experienced New Jersey estate planning attorney who may be able to help the client understand their rights and how they can plan their next steps.

About The Matus Law Group

The Matus Law Group has a team of trustworthy estate planning attorneys who may be able to help with a client’s estate planning needs. It’s important to consult with a New Jersey estate planning attorney who has significant experience with Medicaid and Medicaid-qualifying irrevocable trusts. At the Matus Law Group, experienced estate planning attorney Christine Matus and her team may be able to help clients make plans for their futures while protecting their assets for the ones they love. Call them at (732) 281-0060 to schedule a consultation.