MAPT
MAPT stands for:
A: Medicare Asset Protection Trusts
B: Medicaid Asset Protection Trusts
C: Medicaid Asset Protecting Trusts
D: Medicaid Assisted Protection Trusts
B: Medicaid Asset Protection Trusts
This is often a person’s largest and most valuable asset and is not considered for Medicaid eligibility purposes?
A: One motor vehicle
B: Life insurance
C: Personal property and household belongings
D: Primary Residence
D: Primary Residence
How Long Is The “Look-Back” Period For Medicaid?
A: 10 Years
B: 5 Years
C: 3 Years
D: 2 Years
B: 5 Years
True Or False: If You Remove Assets From An Non-Roth Retirement Plan For The Purposes Of Qualifying For Medicaid, The Income Is Not Taxed
False
What amazing treat did John Howe bring into our first class?
A: Chocolate cake
B: Chocolate chip cookies
C: Brownies
D: Sour Patch Kids
B: Chocolate chip cookies
All these assets can go into a MAPT EXCEPT:
A: Stocks and Bonds
B: Savings and Checking Accounts
C: IRA & 401K
D: One’s Primary Home
C: IRA & 401K
Which Is Income That Is Not Counted In Determining A Person’s Income For Medicaid?
A: Assistance For Heating Bills
B: Food Stamps
C: Pensions
D: Federal Housing Assistance
C: Pensions
Which Of The Following Is A Type Of Trust That Protects Assets From Medicaid:
A: Estate Trust
B: Revocable Trust
C: Irrevocable Trust
D: Special Needs Trust
D: Special Needs Trust
Even though there is more flexibility with gifting assets with MAPT and does not require legal work it still violates:
A: Look Back Rule
B: Late Enrollment Penalty
C: Insider Trading
D: None of the above
A: Look Back Rule
Q7:
What Is An Example Of An Asset That Is Not Included In Counted For Medicaid Eligibility?
A: 401k
B: Primary Vehicle
C: $500,000 Life Insurance Policy
D: Vacation Home
B: Primary Vehicle
One benefits of MAPT is that it allows you to meet your Medicaid asset limit without spending down and:
A: Allows funds to be used on a trustee
B: Protects the assets for the beneficiaries listed by the trustmaker
C: Protects the assets for the beneficiaries listed by the trustee
D: Makes the beneficiaries rich
C: Protects the assets for the beneficiaries listed by the trustee
True or False: Married couples that are still living in separate households can retain about $3000 in countable assets?
No
Which Of The Following Is One Of The Strategies That Is Used To Preserve Assets For Medicaid Eligibility?
A: Purchasing A Life Insurance Plan
B: Purchasing A Medicaid Compliant Annuity
C: Gifting Assets To Family Member For Below Market Value
D: Gifting Assets To A Charity
B: Purchasing A Medicaid Compliant Annuity
Can an irrevocable trust can be modified after it is established?
No
What is the income limit for Medicaid In NYS For Single Applicants Per Month?
A: $1,799.5
B: $1,950.75
C: $999.99
D: $1350.97
A: $1,799.5
What is the price range of creating a MAPT:
A: $4,000 - $10,000
B: $3,000 - $15,000
C: $2,500 - $13,500
D: $2,000 - $12,000
D: $2,000 - $12,000
What is the income limit for Medicaid In NYS For Single Applicants Per Month?
A: $1,799.5
B: $1,950.75
C: $999.99
D: $1350.97
A: $1,799.5
What Is The Lookback Period In California?
A: 2.5 Years
B: 3 Years
C: 5.5 Years
D: 5 Years
A: 2.5 Years
What Is The Name Of The Law That Extended The Look-Back Period To Where It Is Now?
A: Fiscal Responsibility Act Of 2023
B: Inflation Reduction Act Of 2022
C: Budget Control Act Of 2011
D: Deficit Reduction Act Of 2005
D: Deficit Reduction Act Of 2005
Name three assets that are usually counted for Medicaid eligibility
Checking and savings accounts, stocks and bonds, Certificate of deposit, Real property other than the person’s primary residence, additional motor vehicles, retirement plan assets that can be withdrawn in a lump-sum