Q: If I put all of our assets into a Medicaid Asset Protection Trust, do I still have any control over those assets?
If our assets are in a Medical Asset Protection Trust, can I continue to pay bills, cash checks, control my personal corporation through which I work as a freelancer?
A: Bottom line ...no. Once an asset is in an irrevocable trust, which is what a MAPT is, you give up control of those assets. You may still be able to receive income from the trust, but you may not transfer, sell or use assets. You would appoint a trustee to control the assets. As for the corporation, unless it has some value by itself, there is no reason to transfer it to the trust.
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