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Disadvantages of a Medicaid Trust - Seth Schlessel
From Schlessel Law PLLC - The article 'Disadvantages of a Medicaid Trust' delves into the complexities of using a Medicaid Asset Protection Trust (MAPT) as part of your estate planning strategy in Long Island. While a MAPT can be an effective tool for safeguarding assets against the costs of long-term care, it's crucial to understand the potential drawbacks. One significant concern is the irrevocable nature of these trusts, which means once assets are transferred, they cannot be reclaimed or modified easily. Additionally, the strict 5-year look-back period imposed by New York Medicaid laws…
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