Can I Gift My Home to a Medicaid Trust and Still Reside in It?

https://www.paestateplanners.com/ You probably want to continue living in your home, but you might have heard that you should transfer your primary residence to an irrevocable Medicaid trust so that you can get the clock started on the Medicaid ineligibility period. Because your home is probably your most valuable asset, it is really important that you know your options so that you can protect yourself and your assets.

While transferring your home to an irrevocable Medicaid trust can be beneficial, it can also leave you in a vulnerable position because you will no longer be the owner of your home. Because we want to make sure you are protected and can remain in your own home, we will prepare a deed transfer to the asset protection trust along with a lease giving you the tenant rights to remain in the property. We can also consider reserving a life estate on the property instead of a lease as an income tax related decision.

To learn how you should transfer your property and how to best protect yourself and your assets, you should contact an experienced elder law and estate planning attorney at Unruh, Turner, Burke & Frees at 610.933.8069 or online at https://www.paestateplanners.com/contact.cfm.