https://www.paestateplanners.com/ With people living longer and the costs of nursing home care rising, many people are concerned whether they will qualify for Medicaid if they have assets. The answer is an irrevocable Medicaid trust, which you will learn more about here in this video.
When you fund your irrevocable Medicaid trust, it will be viewed as gifting assets to the trust. Because of this, Medicaid will penalize you with a period of ineligibility, which is a number of months that your nursing home care could have been paid for had you not transferred the assets. However, when gifting assets to your trust is done right, it can help you save money. For example, Medicaid currently only looks back five years before application. If you funded your irrevocable Medicaid trust before then, you will be completely protected from nursing home spending and won’t have to disclose your gifts.
While there is currently a five-year look back period, the laws can change to seven years or more. The sooner you create your irrevocable Medicaid trust, the sooner your assets will be protected. To learn more about protecting your assets for long-term nursing care spending, contact attorney Doug Kaune at Unruh, Turner, Burke & Frees at 610.933.8069 or contact us online at https://www.paestateplanners.com/contact.cfm.