https://www.paestateplanners.com/ There are ways under the law that you can save money and protect your assets from nursing home spending. One of those ways is to create an irrevocable Medicaid trust. Watch this video to learn more about the benefits of transferring assets to the trust.
When you transfer assets to your irrevocable Medicaid trust, you will be protecting those assets from nursing home spending, and you will also benefit by inheritance tax savings. Additionally, if those assets are transferred to an irrevocable Medicaid trust one year prior to the death of the person making the gift, the gift will completely avoid Pennsylvania inheritance tax. This type of savings on qualifying gifts made to the trust can be up to $75,000 for every $500,000. Because Pennsylvania inheritance tax rates of transfers at death range between 4.5% and 15%, a properly drafted irrevocable Medicaid trust can reap huge inheritance tax savings.
To ensure your family benefits from this significant inheritance tax savings, speak with a knowledgeable elder law planning attorney to find out how to best protect your assets. Contact attorney Doug Kaune at Unruh, Turner, Burke & Frees at 610.933.8069 or online at https://www.paestateplanners.com/contact.cfm.