A Medicaid Asset Protection Trust (MAPT) in New York is an irrevocable trust you create — usually well before you ever need nursing-home care — to move assets like your home and savings out of your own name so they no longer count against you when you apply for Medicaid long-term care benefits. Because the trust is irrevocable and you
The New York 5-year Medicaid look-back is the rule that lets the state review the past 60 months of your financial records when you apply for institutional (nursing home) Medicaid, so it can catch any assets you gave away or sold below value in order to qualify. If the state finds such transfers, it imposes a penalty period — a
Protecting your legacy in New York means putting four documents in place — a will, one or more trusts, a durable power of attorney, and a health care proxy — and then, where appropriate, layering in legitimate asset-protection tools well before any creditor or claim ever appears. That is the short answer, and the rest of this guide explains it
If you are new to asset protection and wondering whether a Limited Liability Company (LLC) can shield your family’s wealth, here is the plain-English answer: an LLC is a genuinely useful tool, but only for the right job. An LLC separates the liabilities of a business or investment property from your personal assets, so a lawsuit tied to that activity
You can legally protect your assets from creditors in New York by using a combination of tools — irrevocable trusts, LLCs and business entities, ERISA-qualified retirement accounts, adequate liability and life insurance, and the statutory exemptions the law already gives you under CPLR Article 52 — but only if you act before a claim against you arises. New York does
Here is the honest answer, up front and without spin: No. A revocable living trust does not protect your assets from your own creditors in New York. If you can revoke it, amend it, and pull the money back out whenever you like, then the law treats those assets as still yours — and so do your creditors, a lawsuit