Niles, IL estates & probate attorney Dana Zivkovich talks about Medicaid Asset Protection Trusts. A Medicaid Asset Protection Trust is a type of trust created to protect assets when an individual anticipates the need for Medicaid benefits. These trusts can be complex, as they must meet specific requirements established by both state and federal governments for qualification. To ensure proper asset protection, the trust must be set up well in advance of the need for Medicaid benefits.