Now that we have provided the necessary background information, we can look at trusts and nursing home asset protection. There are different types of trusts; some are revocable, and some are irrevocable. You retain control of assets in a revocable trust, so Medicaid would count the assets if you were to apply for coverage.Things are different with an irrevocable trust. You can’t change your mind and take back the assets, and generally speaking, you can’t change the terms of the trust once it has been established. A Medicaid trust would be an irrevocable trust.
Topics covered in this report include:
- Qualifyingfor Medicaid
- Medicaid Trusts
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As the founder and managing partner of the Southampton, Pennsylvania law firm of Flood & Masiuk, LLC, Marianne Flood oversees a practice devoted to providing clients with personalized service and counsel in all aspects of estate planning.
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