Planning with Pride: The Importance of Medicaid Protection Trusts and Estate Planning for Elderly LGBTQ+ People
As an LBTQ+ person over 65, you've lived through decades of progress and change. You've witnessed the evolution of rights, relationships, and recognition. Now, it's time to ensure that your legacy—your financial well-being, your loved ones, and your wishes—are protected with the same strength and foresight that have carried you through life. One of the most powerful ways to do this is through thoughtful estate planning, especially by considering tools like Medicaid Protection Trusts.
Why Estate Planning Matters More Than Ever
Estate planning is about much more than money. It's about dignity, autonomy, and peace of mind. For older LGBTQ+ individuals, estate planning takes on special importance:
Chosen Family Matters: Many older gay men may not have children or may rely on chosen family rather than blood relatives. Without a will or estate plan, state law dictates who inherits your estate—which might mean distant relatives instead of the partner or friends you’ve shared your life with.
Medical and Legal Autonomy: Advanced directives and powers of attorney ensure that people you trust—perhaps your partner or close friend—can make medical or financial decisions for you if you become incapacitated.
Protecting Your Assets and Care: If you need long-term care, Medicaid can help—but only if your assets are below a certain threshold. That’s where Medicaid Protection Trusts come in.
What Is a Medicaid Protection Trust?
A Medicaid Protection Trust (also called a Medicaid Asset Protection Trust or MAPT) is a legal tool that allows you to protect your assets from being counted when determining Medicaid eligibility for long-term care. Here's how it works:
You Transfer Assets into the Trust: This can include your home, savings, or investments. The trust is irrevocable, meaning you can't take the assets back, but you can still benefit from them in certain ways (such as living in your home).
The Clock Starts Ticking: Medicaid has a five-year “look-back” period. This means assets transferred into the trust within five years of applying for Medicaid may still count against you. That’s why planning early is crucial.
Protection for Your Legacy: Once in the trust, your assets are shielded from being “spent down” on nursing home costs. This allows you to preserve your estate for your partner, friends, or a charity close to your heart.
Specific Considerations for Older Gay Men
Unmarried Partners: If you're not legally married, your partner won't automatically have legal rights without proper documents. A trust can ensure they are protected financially if something happens to you.
Discriminatory Family Dynamics: Sadly, not all families are accepting. Without clear legal instructions, estranged relatives might make decisions you wouldn’t have wanted. Estate planning gives you control.
Charitable Giving and Advocacy: Many older gay men want to leave a legacy that supports LGBTQ+ rights or HIV/AIDS research. Estate planning allows you to ensure your values are carried forward.
Getting Started
Consult with us: An estate planning law attorney with experience in LGBTQ+ estate planning can guide you through the process. As an LGBTQ+ owned and operated law practice, We understand the legal nuances and emotional considerations unique to our community.
Gather Your Documents: A will, power of attorney, healthcare proxy, living will, and any trust documents should all be kept up to date and accessible.
Have the Conversations: Talk with your partner, chosen family, or trusted friends about your wishes. Clear communication helps avoid confusion or conflict later.
In Closing
Estate planning isn’t just for the wealthy or the sick—it’s for anyone who wants to live their life with confidence, knowing they’ve safeguarded what matters most. For elderly LGBTQ+ people, it's also a powerful act of love and self-respect. You’ve built a life on your own terms—estate planning ensures it ends that way, too.